In the classical model, a decrease in immigration would
a. decrease labor supply, increase the real wage, and decrease output.
b. increase labor supply and the real wage, and decrease output.
c. increase labor demand and the real wage, and increase output.
d. reduce real wages and reduce output.
A
Economics
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If Px = Py, then when the consumer maximizes utility,
A) X must equal Y. B) MU(X) must equal MU(Y). C) MU(X) may equal MU(Y), but it is not necessarily so. D) X and Y must be substitutes.
Economics
Other things equal, an excessive increase in the money supply will:
A. increase the purchasing power of each dollar. B. decrease the purchasing power of each dollar. C. have no impact on the purchasing power of the dollar. D. reduce the price level.
Economics