Economists Fryer and Loury argued that affirmative action
A. can increase minorities' prospective return on any investment in their own education.
B. necessarily undermines minorities' incentive to invest in their own education.
C. is the reason so many white males are passed over for promotion in favor of minorities.
D. "color-blind" proxies for race easily achieve diversity without reference to race itself.
Answer: A
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Refer to Reducing Long-Run Labor Usage. The substitution effect of the wage change is the movement from point X to
The following questions refer to the accompanying diagram, which shows a firm reducing its long-run labor usage from L0 to L1 in response to an increase in the wage rate.
a. point A.
b. point B.
c. point C.
d. point D.
According to the text, which of the following consequences could we predict most confidently if the federal government was effectively required, by a constitutional amendment,
to match expenditures and tax revenues (balance the budget) in each fiscal year? A) An end to discretionary fiscal policy B) An end to efforts to manipulate the economy for partisan political purposes C) Frequent and sudden changes in previously legislated tax rates and expenditure commitments D) Less unemployment but more inflation
The aggregate supply curve is
a. generally flatter as the level of resource use rises. b. never vertical, even at full employment. c. relatively flat at low levels of output. d. relatively steep at low levels of output.
A negative income tax system would
a. make taxes more regressive. b. sever the link between tax policy and income distribution. c. collect from high-income households and give transfers to low-income households. d. eliminate progressive tax rates.