Most economists believe that a small amount of the gap between the wages of white males and the wages of other groups is due to discrimination. Which of the following factors is not another factor that explains part of this gap?
A) geographic location B) differences in experience
C) differing preferences for jobs D) differences in education
A
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We say that the demand for labor is a derived demand because
A. labor is hired using the MRP = MRC rule. B. the forces of supply and demand do not apply directly to labor markets. C. we demand the product that labor helps produce rather than labor service per se. D. labor is a necessary input in the production of every good or service.
When firms in an oligopoly successfully collude and do not cheat on a cartel agreement, they can achieve long-run economic profit similar to
A) perfect competition. B) monopoly. C) monopolistic competition. D) non-colluding oligopolies. E) the firms in regulated industries.
The years from 1933 to 1937 are notable for ________
A) high unemployment, despite rapid growth of real output B) low unemployment, despite sluggish output growth C) persistent deflation, despite rising unemployment D) the creation of the Federal Reserve System E) none of the above
A point inside the production possibility frontier is:
A. inefficient. B. impossible. C. efficient. D. optimal.