Which of the following is an explicit cost of migration?
A. Wages a worker gives up when they leave their home country
B. Adapting to a new culture
C. Paying application fees
D. The stress of looking for a job in a new country
C. Paying application fees
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While high-paid American workers fear competition with low-paid foreign workers, low-paid foreign workers fear competition with high-paid American workers. Why?
A) Because high wages are the result of extensive tariff and other trade restrictions. B) Because high wages reflect high worker productivity and the low-paid foreign workers are not as productive. C) It is completely irrational and unfounded. D) Because America has such a large market it can protect its workers. E) Because high wages mean that U.S. workers can buy more goods and services.
Economists find the notion of people "needing" things to be
A) supported by the law of demand. B) considered false. C) seriously misleading because they ignore substitutes. D) considered tentatively true until the preponderance of the data suggests otherwise.
Price ceilings and minimum wages may increase poverty in the long run because they tend to
a. decrease the incentive to work among the poor b. increase the level of saving among the rich c. increase productivity of labor among the rich and poor d. promote investment among the rich e. reduce the distortions in the price system
List appropriate criteria for deciding whether a merger of two firms producing similar products should be permitted