Which of the following statements is consistently associated with the standard migration model?
A. The decision to move is expected to increase the household's overall utility.
B. Return migration occurs only when the mover regrets having made the initial move.
C. Moving for job reasons is always done at the expense of family desires.
D. Repeat migration occurs only when the mover is moving for job-related reasons.
E. Repeat migration occurs only when the mover regrets having made the initial move.
Answer: A
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If your local gasoline station raised its price by 20 percent, its sales of gasoline would decrease substantially because your local gas station
a. has little or no market power. b. is small relative to the size of the gasoline market. c. is a competitive firm. d. All of the above are correct.
Suppose 40 percent of all potential workers are highly skilled and contribute $50,000 to the firm each year. The remaining 60 percent of potential workers are less-skilled and contribute only $30,000 to the firm each year. Schooling costs a highly skilled worker y per year, while it costs a less-skilled worker 2y per year. What range of y will support a signaling equilibrium?
A. $0 < y < $50,000 B. $5,000 < y < $20,000 C. $10,000 < y < $20,000 D. $5,000 < y < $10,000 E. $20,000 < y < $50,000
What is the maximum amount of good Y that can be purchased if X and Y are the only two goods available for purchase and Px = $10, Py = $20, X = 0, and M = 400?
A. 5 B. 0 C. 20 D. 10
If the product derived from the last dollar spent on labor is less than the product derived from the last dollar spent on capital, then the firm
A. should use more labor and less capital to minimize costs. B. should use less labor and more capital to minimize costs. C. is minimizing costs. D. should increase the price paid to labor and decrease the price paid to capital to minimize costs.