Every year, the U.S. allows 500,000 people from developing countries to immigrate to the U.S. permanently, which means:
A. many people resort to immigrating illegally.
B. it has a lower rate of acceptance than admission rates to the most competitive U.S. colleges.
C. there is a severe surplus, since 13.6 million apply to enter the U.S.
D. All of these statements are true.
Answer: D
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A short-run macroeconomic equilibrium occurs
A) at the intersection of the short-run aggregate supply curve and the long-run aggregate supply curve. B) at the intersection of the short-run aggregate supply curve and the aggregate demand curve. C) at the intersection of the short-run aggregate supply curve, the long-run aggregate supply curve, and the aggregate demand curve. D) when the rate at which prices of goods and services increase equals the rate at which money wage rates increase.
Refer to Figure 2-1. Along the production possibilities frontier, the most efficient point of production depicted is:
A. Point B B. Point C C. Point D D. All points on the production possibilities frontier are equally efficient.
If the MRP of labor decreases, labor:
A. demand will decrease. B. demand will increase. C. supply will increase. D. supply will decrease.
Assume that in year 1 you pay an average tax rate of 20 percent on a taxable income of $20,000. In year 2, you pay an average tax rate of 25 percent on a taxable income of $30,000. Assuming no change in tax rates, the marginal tax rate on your additional
$10,000 of income is: A. 5 percent. B. 12 percent. C. 35 percent. D. 42 percent.