The gains from immigration of labor or capital to the recipient nation can be summarized as:
a. the total cost of acquiring new resources versus the cost of using domestic resources.
b. the increase in prices minus the increase in the unemployment rate.
c. the gain in domestic real GDP minus costs from immigration.
d. the impact on the ability of labor unions to attract new members and the ability of domestic firms to retain profits.
Ans: c. the gain in domestic real GDP minus costs from immigration.
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In a classical model
A) equilibrium real GDP is demand determined. B) equilibrium real GDP is neither determined by aggregate supply nor by aggregate demand. C) equilibrium real GDP is determined by both aggregate supply and aggregate demand. D) equilibrium real GDP is supply determined.
Drawbacks to using the establishment survey to calculate unemployment include all of the following except
A) the survey does not include information on self-employed persons. B) the survey may not include employment data at newly-opened firms. C) the survey provides no information on unemployment. D) the survey only includes data on full-time employees.
In the Friedman-Lucas money surprise model
A) If actual inflation is higher than anticipated inflation, then output must be above its trend value. B) If actual inflation is higher than anticipated inflation, then output must be below its trend value. C) money is neutral. D) monetary policy does not work.
During World War II, a labor shortage emerged in some markets. New recruits into the civilian labor force included
(a) teenage females. (b) married women. (c) retired people 65 years of age or older. (d) all of the above.