Al and Steve are both reporters at the same newspaper. Al is black and Steve is white. Al earns less than Steve. Which of the following can explain why Al earns less?
a. Although both have BA's in Journalism, Al's K-12 and college education were of a lower quality than Steve's.
b. Al has greater experience.
c. Al works the night shift and Steve works the day shift.
d. Al writes editorials which are very popular with customers, while Steve covers the police report which fewer subscribers read.
a
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Following an expansionary monetary policy, we would expect lower interest rates, dollar
A. depreciation, and an increase in the current account deficit. B. depreciation, and a decrease in the current account deficit. C. appreciation, and an increase in the current account deficit. D. appreciation, and a decrease in the current account deficit.
The term market failure refers to
a. a market that fails to allocate resources efficiently. b. an unsuccessful advertising campaign which reduces demand. c. ruthless competition among firms. d. a firm that is forced out of business because of losses.
Which of the following goods is most likely to be overconsumed?
A. Water from a reservoir B. Horses on a ranch C. Chickens on a farm D. Fish in the ocean
In the long run, monopolistically competitive firms:
A. have excess capacity and produce at the minimum of average total cost. B. produce at the minimum of average total cost. C. have excess capacity. D. charge prices equal to marginal cost.