Jane lives and works in New York. Every month she sends $500 to her mother in London. This is an example of a(n) ________
A) import by the U.S. B) transfer payment to the U.K.
C) export by the U.S. D) factor payment to the U.K.
B
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Suppose that in October the price of a cup of cafe latte was $2.50 and 400 lattes were consumed. In November the price of a latte was $2.00 and 600 lattes were consumed. What might have caused this change?
A) The price of coffee beans (an input of production of cafe lattes) fell. B) The price of coffee beans (an input of production of cafe lattes) rose. C) The price of tea (a substitute for cafe lattes) rose. D) The price of tea (a substitute for cafe lattes) fell.
The country of Zorabia witnesses a huge influx of unskilled illegal immigrants. Which of the following will occur?
a. The equilibrium wage rate in Zorabia will fall. b. The equilibrium wage rate in the market for unskilled labor in Zorabia will fall. c. There will be excess demand for labor in the market for unskilled labor in Zorabia. d. There will be excess supply of labor in the job market for skilled workers.