From a purely economic point of view, discrimination exists when
a. black teenagers earn more than white teenagers.
b. all factors are earning average products.
c. women earn less than men.
d. equivalent factors earn different payments for equal contributions to output.
d
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Consider two individuals, Jesse and April, who hand paint kites and snowboards. Table 3.1 shows how much of each good Jesse and April can paint in one hour. Jesse's opportunity cost of painting one snowboard is painting
A) 1/8 of a kite. B) 1.5 kites. C) 8 kites. D) 12 kites.
A monopolistically competitive firm ________
A) can increase price without losing all of its business B) loses all of its business if it increases price slightly C) faces a perfectly elastic demand curve D) faces a perfectly inelastic demand curve
A consumer maximizes total utility when all available income is spent and the
A) marginal utility from each good is equal for all goods. B) marginal utility per dollar from each good is equal for all goods. C) dollars spent on the last unit of each good are equal for all goods. D) total utility from all goods purchased is equal.
The mechanism by which tax and transfer changes affect output differs from the process discussed above for government spending.
What will be an ideal response?