Which of the following is a likely impact of international migration?
A. The country from which workers migrate out to other countries gains welfare as long as remittances are small.
B. The workers remaining in the country after emigration lose welfare.
C. The receiving country as a whole gains.
D. The native workers in the receiving country gain welfare.
Answer: C
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The substitution effect
A) is always larger than the price effect. B) always decreases purchases of a good as the price of a good rises. C) increases purchases of the good as the price rises if the good is a normal good. D) is always smaller than the income effect.
Zach and Laura want to buy cars and go to the same dealer. The dealer perceives Zach's price elasticity of demand to be lower than Laura's. Which of the following statements will be true?
a. The dealer will quote the same price to both since individual characteristics do not matter. b. The dealer will quote a higher price to Laura because of her gender. c. The dealer will quote a higher price to Zach because his demand is less elastic. d. The dealer will quote different prices to both according to their bargaining tactics.
Over ninety-five percent of all new businesses that open each year in the United States employ ________ workers
A) only one or two B) fewer than 20 C) 50 or more D) over 100
Refer to Scenario 9.6 below to answer the question(s) that follow. SCENARIO 9.6: Celeste borrowed $40,000 from her brother to open a car wash. She pays her brother a 5% yearly return on the money he lent her. Her other yearly fixed costs equal $18,000. Her variable costs equal $40,000. In her first year, Amy sold 40,000 car washes at a price of $2.50 per car wash.Refer to Scenario 9.6. Celeste's profit is
A. $0. B. $20,000. C. $30,000. D. $40,000.