In the classical model, a decrease in immigration would
a. decrease labor supply, increase the real wage, and decrease output.
b. increase labor supply and the real wage, and decrease output.
c. increase labor demand and the real wage, and increase output.
d. reduce real wages and reduce output.
A
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Cap-and-trade programs limit pollution by selling firms a fixed amount of permits to pollute.
Answer the following statement true (T) or false (F)
In a factor market, payments flow to ______.
a. producers b. firms c. governments d. households
The kinked-demand curve model of oligopoly:
A. assumes a firm's rivals will ignore a price cut but match a price increase. B. embodies the possibility that changes in unit costs will have no effect on equilibrium price and output. C. assumes a firm's rivals will match any price change it may initiate. D. assumes a firm's rivals will ignore any price change it may initiate.
The Argon Bank has $8 million in deposits and $1,600,000 in reserves. If the required reserve ratio is 20%, excess reserves are equal to
A. zero. B. $80,000. C. $320,000. D. $640,000.