According to the textbook, the evidence indicates that NAFTA has:
A. stopped illegal immigration from Mexico.
B. reduced the wages of skilled workers in the United States.
C. not significantly reduced the employment of unskilled workers in the United States.
D. reduced the employment of unskilled workers in the United States significantly.
Answer: C
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The Cournot Model of Oligopoly assumes that
A) firms decide what quantity to produce. B) firms make their decisions simultaneously. C) firms do not cooperate. D) All of the above.
Suppose that X and Y are substitutes. If the price of Y increases, how will this change the market equilibrium for X? a. Equilibrium price and quantity both decline
b. Equilibrium price and quantity both rise. c. Equilibrium price declines, and equilibrium quantity rises. d. Equilibrium price rises, and equilibrium quantity falls.
Pat used to work as an aerobics instructor at the local gym earning $35,000 a year. Pat quit that job and started working as a personal trainer. Pat makes $50,000 in total annual revenue. Pat's only out-of-pocket costs are $12,000 per year for rent and utilities, $1,000 per year for advertising and $3,000 per year for equipment.For Pat to earn normal profit, Pat's accounting profit would have to be ________.
A. $50,000 B. $0 C. $15,000 D. $35,000
Which of the following is closest to a perfectly competitive market?
A) the soda pop market B) the market for bread C) the market for sugar D) the market for fast food