What is the most accurate description of skilled and unskilled workers if labor supply curves are not perfectly inelastic (perfectly vertical)?
a. If the two types are complements, then the increases in immigration during the late 1800s would have increased the quantity and wages of skilled workers and decreased the wages of unskilled workers.
b. If the two types are substitutes, then the increases in immigration during the late 1800s would have increased the quantity and wages of skilled workers and decreased the wages of unskilled workers.
c. If the two types are complements, then the increases in immigration during the late 1800s would have increased wages of skilled workers, decreased the number of skilled workers, and decreased the wages of unskilled workers.
a. If the two types are complements, then the increases in immigration during the late 1800s would have increased the quantity and wages of skilled workers and decreased the wages of unskilled workers.
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The cost of producing one more unit of a good or service is equal to its
A) marginal benefit. B) producer surplus. C) marginal expenditure. D) consumer surplus. E) marginal cost.
Factors of production include
A) the economic system. B) land, labor, capital and entrepreneurship. C) labor and capital (not land, which is fixed). D) only capital, land, and labor.
In the above figure, the y-coordinate of point b is
A) 1. B) 2. C) 3. D) 14.
Which of the following most clearly indicates that fiscal policy is becoming more restrictive?
a. An increase in the budget deficit relative to GDP b. A reduction in the budget deficit relative to GDP c. An increase in government expenditures as a share of GDP d. A reduction in tax revenues as a share of GDP