Which of the following probably slowed NAFTA's effect on the wages of Mexican workers?
a. the Mexican peso crisis in which Mexico's currency fell greatly in value
b. the reluctance of the U.S. government to allow guest workers
c. the Iraq war
d. so much illegal immigration
Ans: a. the Mexican peso crisis in which Mexico's currency fell greatly in value
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Suppose Qxd = 10,000 ? 2 Px + 3 Py ? 4.5M, where Px = $100, Py = $50, and M = $2,000. Then good X has a demand which is:
A. inelastic. B. elastic. C. unitary. D. neither elastic, inelastic, nor unitary elastic.
Tax policy conducted for the purpose of achieving full employment, price stability, or economic growth is an example of
A. monetary policy. B. discretionary fiscal policy. C. exchange-rate policy. D. interest-rate policy.
You want to make a 10% real return on a loan that you are planning to make, and the expected inflation rate during the period of the loan is 4%. You should charge a nominal interest rate of
A. -6%. B. 6%. C. 10%. D. 14%.
At the Pampered Pet Salon the marginal products of the first, second, and third workers are 50, 36, and 25 dogs washed, respectively. The total product (number of dogs washed) of the three workers is
A. 50. B. 86. C. 107. D. 111.