Which of the following statements is true about the effects of illegal immigration in the United States?
A. Illegal immigrant workers displace domestic-born workers on a one-for-one basis.
B. Illegal immigration has a negative fiscal impact that falls most heavily on state and local
governments.
C. Illegal immigration negatively impacts wages and the standard of living for all domestic-
born workers.
D. All of these are true.
Answer: B
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Refer to Figure 10.2. In moving from the competitive level of output and price to the monopoly level of output and price, the deadweight loss is the area:
A) QmEHQc. B) GEH. C) GFH. D) FEH. E) none of the above
The difference between a firm's profit-maximizing quantity and the quantity that minimizes average cost is called:
a. economic profit. b. excess capacity. c. economic rent. d. excess supply.
The following graph shows the production possibilities curve for the economy with only two members, Silvia and Art. Silvia can produce either 50 pounds of beef or 2 computers per week, and Art can produce 100 pounds of beef or 1 computer per week. Both of them work 40 weeks per year.
Silvia's opportunity cost of producing one pound of beef is ________ computer(s).
A. 25 B. 50 C. 1/50 D. 1/25
The merger of two firms selling close substitutes may lead to higher prices.
Answer the following statement true (T) or false (F)