Answer the following statements true (T) or false (F)
1) Economic research consistently finds that immigration negatively impacts the average American wage.
2) If all nations prohibited the international migration of labor, we would expect world output to decline.
3) If the demand for labor in a country receiving immigrants is inelastic, the immigration will
increase the total wages paid in that country.
4) Business income will decrease in the nation from which workers emigrate.
1) F
2) T
3) F
4) T
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A firm in a market economy must do all of the following to succeed except
A) organize the factors of production into a functioning, efficient unit. B) be organized as a corporation. C) produce the goods and services that consumers want at a lower cost than consumers themselves can produce. D) have access to sufficient funds.
Which of the following is not a reason for publishing quarterly reports on the GDP?
a. it makes it easier to analyze movements in the GDP. b. the high and low quarters of business fluctuations are easier to spot. c. a full year’s statistics are not useful to economists. d. economic downswings and upswings can be recognized at an earlier date.
Even though the efficient use of resources enhances social welfare, it may not always be optimal from society's perspective. Why is this statement true?
a. Efficiency leads to lower per unit costs; thus, promoting any method of cost control increases efficiency. b. The ethical use of resources can be just as important as their efficient use. c. If market action does not result in an efficient outcome, government action can always improve the outcome. d. Efficient outcomes sometimes waste resources. e. Markets always reward efficiency, even if there is only one firm in it.
The Bretton Woods exchange rate system was an example of a
A) managed float. B) pure gold standard. C) modified gold standard. D) floating exchange rate system.