Native-born workers are more likely to be harmed by immigration if:
A. They are complementary resources to immigrant workers
B. They are substitute resources to immigrant workers
C. Demand for their labor is inelastic
D. There is a substantial amount of backflow
B. They are substitute resources to immigrant workers
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What is the crucial difference between inflation generated on the demand side versus inflation generated on the supply side?
a. Demand-side inflation is short-lived, while supply-side inflation lasts for a long time. b. Demand-side inflation leads to budget surpluses, while supply-side inflation contributes to budget deficits. c. Supply-side inflation is subject to control of policy makers, while demand-side inflation is beyond their reach. d. Demand-side inflation is normally accompanied by rising real GDP, while supply-side inflation may be accompanied by falling real GDP.
When the relative price of a good decreases, consumers respond by buying
a. a larger quantity of that good and a larger quantity of substitutes for that good. b. a larger quantity of that good and a smaller quantity of substitutes for that good. c. a smaller quantity of that good and a larger quantity of substitutes for that good. d. a smaller quantity of that good and a smaller quantity of substitutes for that good.
If output is above its natural rate, then according to sticky-wage theory
a. workers and firms will strike bargains for higher wages. This increase in wages shifts the short-run aggregate supply curve right. b. workers and firms will strike bargains for higher wages. This increase in wages shifts the short-run aggregate supply curve left. c. workers and firms will strike bargains for lower wages. This decrease in wages shifts the short-run aggregate supply curve right. d. workers and firms will strike bargains for lower wages. This decrease in wages shifts the short-run aggregate supply curve left.
Recall the Application about the supply of shipping services to answer the following question(s).Recall the Application. The reason why the short-run supply curve for cargo is upward sloping is that its:
A. marginal cost is upward sloping. B. market demand curve is upward sloping. C. average fixed cost is upward sloping. D. All of these are correct.