By all accounts, the annual economic gains to immigration in the United States are
A. substantial at $480 million, or 3.2% of GDP.
B. extremely large at $1.5 trillion, or 10% of GDP.
C. negative as immigrant workers take jobs away from American workers.
D. relatively small at about $46 billion, or 0.24% of GDP.
E. non-existent at essentially $0.
Answer: D
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Refer to the above figure. Government policy that moved the economy from A to B would be accomplished by
A) a contractionary fiscal policy combined with an expansionary monetary policy. B) an expansionary fiscal policy combined with a contractionary monetary policy. C) a contractionary policy that would reduce the rate of inflation and would cause workers to remain unemployed longer than they were before. D) raising the minimum wage.
Western expansion contributed to U.S. growth and development of the economy by
(a) privately mobilizing idle natural resources and land. (b) placing land in the hands of the public, with no private rights. (c) having government officials set land prices. (d) all of the above.
Goods are distributed efficiently if everyone gets an equal share of each good
a. True b. False Indicate whether the statement is true or false
Under laissez faire, the allocation of resources among different products depends on
a. consumer preferences. b. production costs. c. Both a and b are correct. d. Neither a nor b is correct.