According to 2014 data on the U.S. population, which of the following groups of adults of prime working age (ages 25-54) had the lowest unemployment rate?
a. white males
b. white females
c. black males
d. black females
a
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Refer to the figure above. The market price of Good Y is ________
A) $10 B) $17 C) $22 D) $20
Refer to the table above. Suppose that the only variable input that the firm uses is labor. What is the wage paid to a worker in the firm?
A) $1 B) $5 C) $10 D) $15
Suppose that you have returned from your fishing expedition with 20,000 fish. The market price is $3 per fish. Your average fixed cost was $1 and your total variable cost was $5,000 . If the price jumps to $3.50 before you sell your first fish, how much extra profit, if any, do you earn?
a. $10,000 b. $25,000 c. $30,000 d. $45,000 e. $70,000
The Condorcet paradox shows that there is no scheme for aggregating individual preferences into a valid set of social preferences
a. True b. False Indicate whether the statement is true or false