Economist George Borjas has estimated the net benefits (+)/costs (-) to the United States from labor immigration to be approximately:
a. +10% of GDP.
b. -5% of GDP.
c. +0.1% of GDP.
d. 0.5% capital loses and 0.8% labor gains.
Ans: c. +0.1% of GDP.
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An industry analyst observes that in response to a small increase in price, a competitive firm's output sometimes rises a little and sometimes a lot. The best explanation for this finding is that
A) the firm's marginal cost curve is random. B) the firm's marginal cost curve has a very small positive slope. C) the firm's marginal cost has a very large positive slope. D) the firm's marginal cost curve is horizontal for some ranges of output and rises in steps. E) the firm's marginal cost curve is downward sloping.
Drug prohibition is likely to increase drug-industry revenue because the demand for drugs is inelastic.
a. true b. false