The gains from immigration of labor or capital to the recipient nation can be summarized as:
a. the total cost of acquiring new resources versus the cost of using domestic resources.
b. the increase in prices minus the increase in the unemployment rate.
c. the gain in domestic real GDP minus costs from immigration.
d. the impact on the ability of labor unions to attract new members and the ability of domestic firms to retain profits.
Ans: c. the gain in domestic real GDP minus costs from immigration.
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If the natural unemployment rate is 5.5 percent, then the economy is at long-run equilibrium when the actual unemployment rate is
A) more than 5.5 percent. B) between 0 and 5.5 percent. C) 0 percent. D) 5.5 percent. E) none of the above
When you purchase a new pair of jeans you do so in the
A) factor market. B) input market. C) product market. D) resource market.