What economic framework can inform the debate on immigration?
What will be an ideal response?
Economists consider the marginal benefit and marginal cost of immigration. If the marginal costs of immigration are greater than the marginal benefits for a nation, then fewer immigrants should be admitted to a nation. If the marginal benefits of immigration for a nation are greater than the marginal costs, then more immigrants should be admitted. This economic framework also recognizes that not all immigrants are the same from a cost and benefit perspective. Some immigrants with better education and skills bring more benefits to a nation whereas as unskilled and uneducated immigrants can impose a higher cost.
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When buyers and sellers optimize in a perfectly competitive market, ________
A) social surplus is maximized B) social surplus is minimized C) only consumer surplus is maximized D) only consumer surplus is minimized
When MSC > MPC there are detrimental externalities
a. True b. False Indicate whether the statement is true or false