Most Governments at Least Try to Make It Difficult for People

question 62

Multiple Choice

Most governments at least try to make it difficult for people to cross their borders illegally.This barrier to the free movement of labor is an example of

• A)information asymmetry.
• B)excessive transactions costs.
• C)racial discrimination.
• D)a market imperfection.

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Definitions:

Supply and Demand

Supply and demand is a fundamental economic model that explains the interaction between the sellers of a resource and the buyers for that resource, determining its price and quantity in a market.

Allocation of Resources

The process of assigning available resources, or factors of production, to specific uses chosen among many possible and competing alternatives.

Productivity

The assessment of how effectively a person, machine, factory, or system can transform inputs into valuable outputs.

Labor Input

Refers to the total hours worked or the number of employees engaged in production in the economy.