Economist George Borjas has estimated the net benefits (+)/costs (-) to the United States from labor immigration to be approximately:
a. +10% of GDP.
b. -5% of GDP.
c. +0.1% of GDP.
d. 0.5% capital loses and 0.8% labor gains.
Ans: c. +0.1% of GDP.
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The price elasticity of supply is calculated as the
A) percentage change in quantity supplied multiplied by the percentage change in price. B) percentage change in quantity supplied divided by the percentage change in price. C) percentage change in price divided by the percentage change in quantity supplied. D) percentage change in quantity supplied plus the percentage change in price.
Economic theory indicates that the growth of subsidies to healthcare consumers and accompanying expansion in third-party payments will
a. lead to higher healthcare prices. b. lead to lower healthcare prices. c. reduce the incentive of consumers to economize. d. increase the incentive of healthcare providers to provide their services at a low cost. e. do both a and c above.
Average total cost exceeds average variable costs by the value of marginal cost
a. true b. false
The HHI is calculated by summing the square of the percentage shares of the firms in the market.
Answer the following statement true (T) or false (F)