Voluntary migration of skilled craftworker

business groups in the high-paying nations.

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craft workers who stay in the low-paying nations.

industrial unions in the high-paying nations.

craft unions in the high-paying nations.

earnings reflect pricing power rather than marginal revenue product.

small differences in talent get magnified into huge differences in pay.

entry and exit rarely occur.

product demand is typically highly elastic.

redistribution of a larger domestic output.

larger domestic output but no redistribution.

smaller domestic output but no redistribution.

redistribution of a smaller domestic output.

indicates that price increases bring forth more of a resource.

is the idea that competitive markets will always clear.

applies to all resources.

only applies to land.

a perfectly elastic labor supply curve and a downsloping labor demand curve.

a perfectly elastic labor demand curve and an upsloping labor supply curve.

labor demand and labor supply curves both of which are perfectly elastic.

a downsloping labor demand curve and an upsloping labor supply curve.

capital and labor being complementary inputs.

capital and labor being substitute inputs.

the output effect being greater than the substitution effect.

diminishing returns being applicable to capital but not to labor.

a downsloping demand for loanable funds curve.

an upsloping supply of loanable funds curve.

a downsloping supply of loanable funds curve.

an upsloping demand for loanable funds curve.

horizontal; vertical

vertical; horizontal

downsloping; upsloping

upsloping; downsloping

nations normally experience increasing opportunity costs in producing more of the product in which they are specializing.

production possibilities curves are straight lines rather than curves bowed outward as viewed from the origin.

one nation’s imports are necessarily another nation’s exports.

international law prohibits monopolies.

the tariff and quota both generate the same amount of revenue for the United States Treasury.

the tariff generates revenue for the United States Treasury but the quota does not.

the quota generates revenue for the United States Treasury but the tariff does not.

neither the tariff nor the quota generates revenue for the United States Treasury.

relative levels of GDP.

comparative advantage.

relative exchange rates.

relative inflation rates.

the wages of each type of labor must be proportionate to their marginal products.

the wages of each type of labor must be equal to their marginal products.

firms might get greater work effort by paying above-equilibrium wage rates.

workers are more diligent when paid below-equilibrium wages.

increases the personal income tax liability of low-income working families.

provides a cash payment to low-income working families if their tax credit exceeds their tax liability.

is designed to make labor force employment less attractive.

was eliminated as part of welfare reform in 1996.

have greater combined membership than the AFL-CIO.

are not affiliated with the AFL-CIO.

include the United Autoworkers and Carpenters Union.

have about the same combined membership as the AFL-CIO.

declined sharply since 1900 because of the growing strength of labor unions.

remained approximately constant in this century.

increased significantly because of rising rents.

fallen in this century because of the declining importance of corporations.

is a form of price discrimination illegal under U.S. antitrust laws.

is the practice of selling goods in a foreign market at less than cost.

constitutes a general case for permanent tariffs.

is defined as selling more goods than allowed by an import quota.

the functional distribution of income.

the ratio of labor to capitalist income.

the personal distribution of income.

income equality.

normally causes a surplus on the capital and financial account.

normally causes a deficit on the capital and financial account.

has no relationship to the capital and financial account.

means that a nation is making international transfers.

contains inpayment items, but not outpayment items.

includes service exports and service imports.

includes both inpayments and outpayments.

includes net investment income and net transfers.

results in a less-experienced work force.

increases the incentive for firms to provide training to their workers.

allows firms to employ a greater number of younger, more energetic workers.

increases the incentive for firms to substitute labor for capital in the production process.