Refer to the graph above. Points A, B, and C represent ________, ________, and ________, respectively
A) equilibrium wage rate after migration from home to foreign has occurred; the wage rate in foreign before migration; the wage rate in home before migration
B) equilibrium wage rate after migration from foreign to home has occurred; the wage rate in home before migration; the wage rate in foreign before migration
C) the wage rate in home before migration; the wage rate in home after migration; the wage rate in foreign after migration
D) the global wage rate before migration; the wage rate in foreign after migration; the wage rate in home after migration
E) the global wage rate before migration; the wage rate in home after migration; the wage rate in foreign after migration
A
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The income per capita of a country with a population of 50,000 is $4,500. Its gross domestic product is ________
A) $54,500 B) $900,000 C) $225,000,000 D) $120,000,000
Which of the following is correct? When expected leakages exceed expected injections, then:
a. Inventories rise, unemployment tends to rise, and prices tend to fall. b. Inventories rise, unemployment tends to fall, and prices tend to rise. c. Inventories fall, unemployment tends to rise, and prices tend to rise. d. It is impossible for these two to be unequal. e. The nation's economy expands.
The principal-agent problem:
A. is when the principal has more information than the agent. B. is when the principal and agent have the same objectives. C. is when the agent is tempted to put in more effort than the principal would like. D. is commonly seen in the employer-employee relationship.
Economic theory suggests that the standard of living of American workers would rise if
a. automation were outlawed. b. the minimum wage were doubled. c. technological change increased output per worker. d. a larger proportion of the labor force was unionized.