The Civil Rights Act of 1964 in the United States led to _____
a. the introduction of the concept of discrimination.
b. complete elimination of discrimination from the labor force.
c. the creation of equal opportunities for men and women.
d. the creation of equal opportunities for the members of different races.
e. the establishment of a much clearer definition of discrimination.
e
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The income elasticity of demand refers to:
A. a change in income following a change in quantity demanded. B. the change in income required for quantity demanded to change by 1%. C. the substitution of one good for another as income changes. D. the percentage change in quantity demanded resulting from a 1-percent increase in income.
Compute the marginal revenue when the price elasticity of demand is ?0.25.
A. ?0.33P, meaning that marginal revenue is negative and one-third of the price. B. 3P, meaning marginal revenue is positive and 3 times greater than price. C. ?3P, meaning marginal revenue is negative and 3 times greater than price. D. ?0.25P, meaning that marginal revenue is negative and one-fourth of the price.
The highest-valued alternative that must be given up to engage in an activity is the definition of
A) economic equity. B) marginal benefit. C) opportunity cost. D) marginal cost.
Which of the following is not an example of a fungible commodity?
A. Electricity B. Money C. Wheat D. All of these are fungible commodities.