Does the movement of workers from other countries to the U.S. affect the demand for labor in the U.S., or does it affect the supply of labor in the U.S.?
The movement of workers affects the supply of labor in the U.S.
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If the equilibrium exchange rate between U.S. dollars and Japanese yen is $0.01 = 1 yen, but currently the exchange rate is $0.009 = 1 yen, then with flexible exchange rates the dollar price of a yen will __________ and the yen will __________
A) increase; appreciate B) decrease; appreciate C) increase; depreciate D) decrease; depreciate
In long-run equilibrium, which of the following is not equal to price for a perfectly competitive firm?
A. short-run average variable cost B. long-run average total cost C. short-run marginal cost D. short-run average total cost
What is the relationship between living standards and birthrates?
A. The relationship is negative at low levels of income but becomes increasingly positive as incomes rise. B. They are unrelated. C. The relationship is positive (directly related). D. The relationship is negative (inversely related).
Recall the Application about the decrease in the price of wool in the 1990s to answer the following question(s). In the 1990s, the world price of wool decreased by about 30 percent and prices have remained relatively low since then. In 2012, an organization in New Zealand proposed that sheep shearing be added to the Commonwealth Games and the Olympics as a spectator sport in an effort to increase the awareness and the demand for wool.Recall the Application. The decrease in the price of wool would be reflected by a movement ________ on the market supply curve for wool.
A. down and to the right B. down and to the left C. up and to the right D. up and to the left