Inflows of immigrant workers tend to reduce the wages of domestic-born workers. Under which of the following circumstances is this least likely to occur?
A. Migration between countries is unimpeded.
B. Immigrant workers make remittances to their home country.
C. Immigrant workers and domestic-born workers are substitute resources.
D. Immigrant workers and domestic-born workers are complementary resources.
Answer: D
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Charles purchases 20 basketball tickets per year when his annual income is $50,000 and 25 basketball tickets when his annual income is $60,000 . Charles's income elasticity of demand for basketball ticket is
a. 0.82, and basketball tickets are a normal good. b. 0.82, and basketball tickets are an inferior good. c. 1.22, and basketball tickets are a normal good. d. 1.22, and basketball tickets are an inferior good.
When buyers assume that there is a 70% chance of getting a lemon, and seven lemons (low quality) and three plums (high quality) are supplied, there is an equilibrium.
Answer the following statement true (T) or false (F)
When a government has a budget deficit, it must issue (sell) government bonds to finance the deficit. Does it matter for the rate of inflation if the government sells the government bonds to the public or sells the government bonds to the central bank?
Explain why it does or does not matter. What will be an ideal response?
The general equilibrium analysis of a minimum wage applied to only some sectors of the economy suggests that
A) workers in all sectors will face increased wages. B) some workers in the covered sectors will lose their jobs and remain unemployed. C) some workers originally employed in the covered sectors will move to the uncovered sectors, driving down wages in the uncovered sectors. D) all workers will be worse off.