In Arguing That Current Patterns of Immigration Hurt the American

question 41

Multiple Choice

In arguing that current patterns of immigration hurt the American economy in his 1996 article "The New Economics of Immigration: Affluent Americans Gain: Poor Americans Lose," what did Harvard economist George Borjas emphasize?

• A) the upward mobility of immigrants
• B) the higher birth rates among most immigrant groups
• C) the denial of welfare benefits to immigrants
• D) the low work and education skills of most immigrants

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Definitions:

Underlying Stock

An underlying stock refers to the equity security upon which derivative securities, such as options and futures, are based.

Ultimate Credit Risk

The risk of loss that occurs when an obligor (such as an issuer of a bond) defaults on its obligations, considering all measures of mitigation.

Asset-backed Securities

Financial securities collateralized by a pool of assets, such as loans, leases, credit card debt, royalties, or receivables.

Special Purpose Vehicle

A subsidiary company created to isolate financial risk, often utilized in securing assets and securitization transactions.