Which of the following statements about the long-term labor supply is FALSE?
A. Technology changes, such as the introduction of air conditioning in the mid-20th century, can have an impact on regional labor supply.
B. The growth rate of the working-age population has been declining since 1980.
C. Immigration provides an insignificant proportion of the overall growth of the workforce.
D. Programs funded by payroll taxes, such as Social Security and Medicare, face problems from a slowdown in the growth of the working-age population.
Answer: C
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Pierre is French Canadian, and like many Canadians he is experiencing booming good economic times. His good fortune is likely to impact U.S. aggregate demand in what way? a. Positively, because he prefers to make all his purchases in Canada from Canadian firms. b. Negatively, because he prefers to make all his purchases in Canada from Canadian firms. c. Negatively, since we are all members of
North American Free Trade Zone. d. Positively, since he will be in a better position to purchase U.S.-made goods.
Which of the following will not produce an outward shift of the production possibilities curve?
A. An upgrading of the quality of a nation's human resources. B. The reduction of unemployment. C. An increase in the quantity of a society's labor force. D. The improvement of a society's technological knowledge.
The case against economic growth is often made using which of the following arguments?
A. Limiting growth will contribute to more income equality across nations. B. Economic growth will contribute to more economic security, but it will also produce more boring life styles. C. Economic growth permits us to "make a living," but it does not provide us with "the good life." D. Common property resources need to be protected by the price system.
Suppose an oil refinery and a paper mill both pollute a river. Under a system of marketable pollution permits, which of the following must be true in order for both companies to benefit from trading the right to pollute?
A. They must be able to reduce pollution at exactly the same cost. B. It must cost the firms different amounts to reduce pollution. C. They must have a social conscience and must be devoted to pollution abatement. D. The government must direct them toward beneficial trades.