If immigration increases the productivity of domestic workers, then it:
A. Decreases the return on capital
B. Means that immigrant workers and domestic workers are substitutes
C. Means that immigrant workers are entering low-wage occupations
D. Increases the return on capital
D. Increases the return on capital
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In a market economy, what encourages firms to develop new products and production processes?
A) contracts B) insurance C) patents D) accounting rules
Refer to Figure 9-3. What is the area of domestic producer surplus without a quota?
A) A + B + C B) C C) A + B + C + D D) C + B
A perfectly elastic supply curve
a. has no relevance, since real-world supply curves are never perfectly elastic b. is a horizontal straight line c. is a vertical straight line d. is an upward-sloping straight line e. is not a straight line
GoodPrice Increase Last YearAmusement park tickets5.0%Bowling balls4.2%Camouflage neckties3.1% Refer to Table 8.1, which gives hypothetical data on price changes for three goods. Which good(s) became relatively more expensive for buyers?
A. All three goods became relatively more expensive. B. None of the goods became relatively more expensive. C. Only amusement park tickets became relatively more expensive. D. It depends on the overall rate of inflation in the economy.