When the supply of labor increases, according to the specificfactors model, which of the following is likely to happen in the sending country?
a. The number of workers employed will decrease.
b. The wages for workers will rise.
c. The marginal product of labor shifts to the right.
d. All of these are likely to happen in the sending country.
Ans: d. All of these are likely to happen in the sending country.
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Suppose Ariana deposits $75,000 in her bank. If the reserve ratio is 20 percent, this will lead to a maximum increase of ________ in checking account balances throughout all banks
A) $15,000 B) $375,000 C) $750,000 D) $1,500,000
If a seller can sell 5 units at $8 each but can sell 6 units only by lowering the price to $7 (and must sell all units at the same price), the marginal revenue from selling the 6th unit is
A) $42. B) $7.50. C) $7. D) $2. E) none of the above.
In the United States, the observed Phillips curve is
A) unstable over time. B) stable over time. C) never discernible. D) not a curve, but a straight line.
Figure 11-9
In Figure 11-9, how much more than the short-run competitive price will the profit-maximizing monopolist charge?
a.
$1
b.
$2
c.
$3
d.
$10