Employment discrimination leads to the _________________ of labor.
Fill in the blank(s) with the appropriate word(s).
underemployment
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Initially, workers in the shoe industry and the computer industry earn the same wage. Reductions in trade barriers give domestic consumers access to cheaper shoes produced abroad, so domestic shoe prices fall. At the same time, foreign consumers purchase more computers, raising the relative price of computers. As a result of these changes, wages in the shoe industry ________ and wages in the computer industry ________.
A. increase; increase B. decrease; increase C. increase; decrease D. decrease; decrease
Consumers benefit from monopolistic competition by
A) paying the same price as everyone else. B) being able to purchase high-quality products at low prices. C) paying the lowest possible price for the product. D) being able to choose from products more closely suited to their tastes.
An increase in the supply of corn will lower the total revenue from corn if
A) the demand curve for corn is inelastic between the current and new price of corn. B) the demand curve for corn is elastic between the current and new price of corn. C) there are many substitutes for corn. D) there are only a few substitutes for corn. E) none of the above
According to traditional Keynesians, monetary policy as a tool to fight a recession
A. is very effective because interest rates will fall immediately. B. is ineffective because interest rates will not fall. C. has an uncertain effect on the economy, depending on the direction of fiscal policy. D. cannot be determined because traditional Keynesians do not consider monetary policy at all.