The more restrictive the government's immigration policies are, the
a. narrower are the wage differentials between countries
b. wider are the wage differentials between countries
c. higher is the migration rate of workers between high-wage and low-wage countries
d. lower are the opportunity costs of work in high-wage countries
e. smaller is the difference between the supply curves of labor in different countries
B
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Under a liquidity trap in the New Keynesian model,
A) prices cannot be sticky. B) monetary policy is ineffective. C) the economy is always efficient. D) fiscal policy is ineffective.
Suppose that Philip is the best contractor in town, and he makes $400,000 a year. Suppose that Julia Roberts is the best and highest paid actress in Hollywood, and she makes $13 million per movie. Both are the best in their respective fields of work. One reason for the significant difference in incomes has to do with the nature of the service each offers. Philip's contracting services
a. can be provided to an unlimited number of customers in a year, but Julia's work is sold to only a few individuals in a year. b. can only be provided to a limited number of customers in a year, but Julia's work is sold to millions of individuals in a year — i.e., to anyone who has the willingness and ability to pay for admission to her movies. c. can be provided to a unlimited number of customers in a year, and Julia's work is sold to millions of individuals in a year — i.e., to anyone who has the willingness and ability to pay for admission to her movies. d. can only be provided to a limited number of customers in a year, and Julia's work is sold to only a few individuals in a year.
Fran buys 1,000 shares of stock issued by Miller Brewing. In turn, Miller uses the funds to buy new machinery for one of its breweries
a. Fran and Miller are both investing. b. Fran and Miller are both saving. c. Fran is investing; Miller is saving. d. Fran is saving; Miller is investing.
In what way may the Fed have contributed to the housing bubble?
A. By inflating housing prices in the early 2000s B. By investing heavily in mortgage-backed securities C. By making credit cheaper with a low Federal funds rate D. By causing unemployment with low money supply growth