The country of Zorabia witnesses a huge influx of unskilled illegal immigrants. Which of the following will occur?
a. The equilibrium wage rate in Zorabia will fall.
b. The equilibrium wage rate in the market for unskilled labor in Zorabia will fall.
c. There will be excess demand for labor in the market for unskilled labor in Zorabia.
d. There will be excess supply of labor in the job market for skilled workers.
B
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Cyclical unemployment ________
A) decreases during an expansion B) grows at the same rate as potential GDP C) is zero at a business-cycle trough D) decreases during a recession
A depreciation of the U.S. dollar will encourage, other things the same ________
A) the purchase of foreign goods by foreign economic agents B) the purchase of foreign goods by U.S. economic agents C) the purchase of U.S. assets by foreign economic agents D) the purchase of foreign assets by U.S. economic agents
Which of the following will increase a country's real GDP per person?
a. imposing restrictions on foreign trade and foreign investment b. imposing restrictions on foreign trade and reducing restrictions on foreign investment c. reducing restrictions on foreign trade and imposing restrictions on foreign investment d. reducing restrictions on foreign trade and foreign investment
If the cost of acquiring more information outweighs the benefit of having more information about a good, then we can predict:
A. the exchange will take place, but will be regretted in the future. B. the exchange will definitely not take place. C. the exchange may take place anyway. D. the exchange will not benefit anyone.