If most immigrants have relatively low skills, how would the wage for low-skilled labor be affected by a reduction in immigration?
a. The equilibrium wage for low-skill labor would rise.
b. The equilibrium wage for low-skill labor would fall.
c. The minimum wage for low-skill labor would decrease.
d. The earnings gap between low- and high-skill labor would widen.
a. The equilibrium wage for low-skill labor would rise.
You might also like to view...
A firm that is maximizing its profits will keep renting machines up to the point where:
a. the marginal productivity of a capital is maximized. b. the marginal value product of machines is maximized. c. the marginal value product of machines is equal to the market rental rate for machines. d. the machine's market rental rate is minimized.
The debt held by the people themselves neither adds to nor subtracts from national production or consumption. That neutrality, however, doesn't rule out complications
Indicate whether the statement is true or false
GDP excludes most items that are produced and sold illegally and most items that are produced and consumed at home because
a. the quality of these items is not high enough to contribute value to GDP. b. measuring them is so difficult. c. the government wants to discourage the production and consumption of these items. d. these items are not reported on income tax forms.
If the demand function for a particular good is Q = 25 ? 10P, then the price elasticity of demand (in absolute value) at a price of $1 is:
A. 8. B. 2/3. C. 2. D. 1/8.