Of the following views on the effects of immigration on the receiving nation's economic growth, which have NOT been suggested by economist Julian Simon?
A. Immigrants raise the standard of living of a nation's native population.
B. Immigration costs the local population jobs and greatly lowers their incomes.
C. Technological progress is driven by population growth.
D. Immigration increases a nation's labor pool and encourages ingenuity.
Answer: B
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Private saving refers to ________
A) after-tax income minus consumption expenditures B) a flow variable which adds to the stock of wealth C) the private saving rate times disposable income D) all of the above E) none of the above
Which statement is true?
A. Frederic Bastiat's "Petition of the Candlemakers to Shut Out the Sun" was a plea for free trade. B. Frederic Bastiat's "Petition of the Candlemakers to Shut Out the Sun" was a plea for protection. C. Dollars are used for all international transactions. D. None of these statements are true.
According to economic theory, profits are maximized at the rate of output where
A) price equals total revenue. B) marginal revenue equals marginal cost. C) economic profits are zero. D) price and marginal revenue are equal.
Which of the following coordinates the choices of buyers and sellers, bringing quantity demanded and quantity supplied into balance?
a. taxes and subsidies b. consumer demand c. government mandates d. the market price