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8. A surge of immigration can affect the economy in a number of different ways. These include:

a. affecting wage levels in the economy.

b. affecting government spending at the federal and local levels.

c. causing a shift to the right in the supply of unskilled labor for a number of jobs, which will lead to lower wages for these jobs.

d. all of the above

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9. About one-third of immigrants over the age of 25 lack a high school diploma. As a result, many of the recent immigrants end up in unskilled jobs. As a result:

a. this results in a shift to the right in the supply of unskilled labor for a number of jobs, which will lead to lower wages for these jobs.

b. the middle- and upper-income households that purchase the services of these unskilled workers will benefit from these lower wages.

c. the low-skilled U.S. workers who must compete with low-skilled immigrants for jobs will tend to suffer from immigration.

d. all of the above statements are true.

1) If actual (equilibrium ) real GDP is less than the full-employment, or natural, level of real GDP, then wages and other input prices are expected to:

a. fall and SRAS to shift to the left until long-run equilibrium is achieved.

b. fall and SRAS to shift to the right until long-run equilibrium is achieved.

c. rise and SRAS to shift to the left until long-run equilibrium is achieved.

d. rise and SRAS to shift to the right until long-run equilibrium is achieved.

2) In a self-regulating economy, inflationary gaps are automatically eliminated in the long run by:

a. decreases in wage rates that cause short-run aggregate supply to shift rightward.

b. decreases in wage rates that cause short-run aggregate supply to shift leftward.

c. increases in wage rates that cause short-run aggregate supply to shift rightward.

d. increases in wage rates that cause short-run aggregate supply to shift leftward.

3) Assume the economy is initially in equilibrium at the full-employment level of real GDP. If businesses and consumers become pessimistic regarding future economic conditions, ceteris paribus, the aggregate demand curve will shift to the ________, causing the level of output to ______.

a. left; fall

b. right; fall

c. left; rise

d. right; rise

4) Economists that advocate a macroeconomic policy of laissez-faire:

a. believe the economy is self-regulating only if the government intervenes to move the economy to equilibrium at natural real GDP.

b. believe the economy is self-regulating and will automatically move to equilibrium at natural real GDP in the long run.

c. also advocate central planning and government control of resources.

d. also advocate active government intervention in the economy.

5) Which of the following summarizes the process for closing a recessionary gap if the economy is self-regulating?

a. Labor shortages put upward pressure on wages, which leads to higher costs of production and a decrease in short-run aggregate supply.

b. Labor shortages put downward pressure on wages, which leads to increases in employment and spending and an increase in aggregate demand.

c. Unemployed resources put upward pressure on the price level, which leads to higher wages, increases in spending, and increases in aggregate demand.

d. Unemployed resources put downward pressure on the price level, which leads to lower costs of production and an increase in short-run aggregate supply.

cyanmallard742

Total Number of Workers Hired (Persons)	Total Amount of Output Produced (Tons)
0	0
1	80
2	150
3	210
4	260
5	300
6	330
7	350
8	360

Number of Workers Willing and Able to Work	Real Wage
0	10
1000	20
2000	30
3000	40
4000	50
5000	60
6000	70
7000	80
8000	90

The following table shows the prices (P) and quantities (Q) of the three goods consumed by average households in a small country for three years. The base year is 1984. You will calculate the consumer price indices for these three years. In Canvas, enter your numbers without dollar signs, decimal places, or commas.

							Year	Good 1	Good 2	Good 3
P	Q	P	Q	P	Q		Year
1984	$20.00	2	$30.00	5	$10.00	6
2006	$40.00	4	$60.00	7	$20.00	8
2015	$51.00	4	$72.00	7	$23.00	8

Consider now the information about the supply of labor in the file named Supply of Labor - HW2. Combine this information with information about the demand for labor in the previous question. What are the equilibrium levels of real wage and employment?

Equilibrium Real Wage = () units

Equilibrium Level of Employment =() Workers

Consider the demand and supply information in the previous questions. What is the level of potential GDP in this country?

Potential GDP = units.

Consider the demand and supply information in the previous questions. Suppose that currently, the nominal wage is W = $1,000 and the price level is P = $20. Then, there are jobs available in the economy and workers are willing and able to work.

Consider the demand and supply information in the previous questions. Suppose that currently, the nominal wage is W = $1,000. If the price level increases by 25% and if the nominal wage does not change, There will be jobs available in the economy and workers will be willing and able to work.

Consider the demand and supply information in the previous questions. Suppose that currently, the nominal wage is W = $1,000. If the price level increases by 25% and if the nominal wage does not change, the labor market will be thrown out of equilibrium. To restore equilibrium, the nominal wage must change to dollars.

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