Which of the following statements accurately characterizes pre-1820 wages?
a. Skilled workers in England received higher wages than U.S. skilled workers.
b. The wage premiums paid to skilled workers in the U.S. were typically greater than those paid in England.
c. Early immigration of primarily skilled workers tended to reduce the wages of skilled labor in the U.S.
d. The pull on unskilled labor to enter agricultural pursuits led to lower wages for unskilled workers in the manufacturing sector.
c. Early immigration of primarily skilled workers tended to reduce the wages of skilled labor in the U.S.
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Positive economics
a. postulates a relationship that is potentially refutable and then seeks to determine whether the stated relationship is correct. b. uses value judgments to determine which policy alternatives should be chosen. c. is of no use to policy makers because it reflects the value judgments of the researcher. d. is the scientific study of "what ought to be" among economic relationships.
Selling a good abroad below the price charged in the home market, or at a price below the cost of production is called
A. import substitution. B. a tariff. C. a quota. D. dumping.