Theoretically, the price of a field hand on the New Orleans slave market would have
a. varied directly with the price of cotton.
b. risen as interest rates fell.
c. risen when the importation of slaves became illegal.
d. All of the above are true.
d
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The marginal cost of medical care to the patient is zero under:
A. government-sponsored health care coverage. B. an HMO. C. first-dollar health insurance coverage. D. no circumstances.
For economists, discrimination is difficult to rationalize because:
a. it is costly to those who discriminate. b. the firms can actually reap greater profits by discriminating between their workers. c. in a freely functioning labor market, there is no such thing as discrimination. d. economists know that in the real world, personal prejudices do not exist. e. wages will not be allowed to fall below their natural equilibrium rate.
If there are discouraged workers: a. they are included in the official count of the unemployed
b. the unemployment rate will tend to overstate the true level of unemployment. c. the unemployment rate will tend to understate the true level of unemployment. d. they are considered part of the labor force.
Refer to the table. The economy shown is a:
A. private economy.
B. private open economy.
C. mixed closed economy.
D. mixed open economy.