Which of the following is a key assumption in proving the gains from immigration?
a. Immigrants are generally high skilled.
b. The productivity of labor rises as the number of workers rises.
c. Immigrants are generally low skilled.
d. The productivity of labor falls as the number of workers rises.
Ans: d. The productivity of labor falls as the number of workers rises.
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The fact that 80% of the assets accumulated during a lifetime are bequeathed to heirs in the United States suggests that
A) the appropriate time horizon for consumption theory is the lifetime of the earner. B) the appropriate time horizon for consumption theory is intergenerational. C) the Barro-Ricardo equivalence theorem is correct. D) it is true that higher taxes increase savings.
According to the Laffer curve, increases in the tax rate will lead to a(n)
A) steady decrease in tax revenues. B) steady increase in tax revenues. C) initial decrease in tax revenues and then an increase in tax revenues. D) initial increase in tax revenues and then a decrease in tax revenues.
If the value of a nation's merchandise imports exceeds merchandise exports, the nation is running a
a. balance of payments deficit. b. balance of payments surplus. c. merchandise trade deficit. d. merchandise trade surplus.
Which of the following statements is true?
a. According to the quantity theory of money, any change in the money supply will have no effect on the price level. b. There is an inverse relationship between the quantity of money demanded and the interest rate. c. All of the answers are correct. d. The speculative demand for money at possible interest rates gives the demand for money curve its upward slope.