Within the U.S. population, blacks of prime working age (ages 25-54) have similar rates of unemployment than whites of prime working age (ages 25-54), regardless of gender
a. True
b. False
Indicate whether the statement is true or false
False
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Suppose it takes roughly two years for monetary policy to have a significant impact on inflation
If inflation is currently low but policymakers believe inflation will rise over the next two years with an unchanged stance of monetary policy, when should they tighten monetary policy to prevent the inflationary surge? A) now B) wait until overt signs of inflation appear C) next year D) two years later
(Last Word) Which of the following has to do with the problem of distinguishing cause and effect in economic reasoning?
A. The law of large numbers. B. The law of averages. C. The post hoc, ergo propter hoc fallacy. D. The fallacy of composition.
Supermodel Linda Evangelista has been quoted as saying, "[I] don't wake up for less than $10,000 a day." If Ms. Evangelista is paid $15,000 for her next daylong photo shoot, then
A. she is receiving economic rent to labor equal to $5,000. B. she is being paid $15,000 to cover her opportunity cost. C. the entire $15,000 would be considered economic rent to labor. D. the first $10,000 she receives is economic rent to labor and the next $5,000 is more economic rent.
Which of the following is NOT a characteristic of pure monopoly?
A) many sellers B) considerable price setting ability C) restricted ability to enter market D) long-run economic profits are possible