Refer to the diagram and list of assumptions. Under these circumstances 9 million women will be employed in occupation Z:
(1) the labor force is comprised of 9 million men and 9 million women workers; (2) the economy has 3 occupations, X, Y, and Z, each having identical demand curves for labor; (3) men and women workers are homogeneous with respect to their labor-market capabilities; (4) women are discriminated against by being excluded from occupations X and Y and are confined to Z; and (5) aside from discrimination, the economy is competitive, and workers seek to maximize their earnings.
A. 5 million men in X, and 4 million men in Y.
B. 3 million men in X, and 6 million men in Y.
C. 6 million men in X, and 3 million men in Y.
D. and 4.5 million men each in occupations X and Y.
D. and 4.5 million men each in occupations X and Y.
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If the expected future inflation rate decreases, then
A) aggregate demand increases. B) short-run aggregate supply increases. C) aggregate demand decreases. D) long-run aggregate supply decreases.
Monetarists and classical economists think very much alike, certainly when compared to Keynesians. For example, they both assume that the
a. velocity of money is constant b. changes in money supply changes GDP c. economy operates at full employment d. price level is constant e. interest rate has no impact on investment
Requiring that all cars meet certain pollution emission standards is an example of
a. the creation of a property right b. taxation to pay for the pollution clean up c. an obligatory control d. nationalization e. federalism
Society is likely to over-allocate resources to produce goods that
A. are public goods. B. generate negative externalities. C. generate positive externalities. D. are merit goods.