Studies have shown that differences in wages between men and women:
A. are explained in part by differences in productivity and in part by discrimination.
B. are fully explained by differences in productivity, education, and skill.
C. have disappeared in the last five years.
D. are fully explained by discrimination.
Answer: A
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When production of a good results in an external cost, the unregulated competitive market equilibrium is inefficient because ________
A) MSC = MC B) MSC = MB C) MSC > MB D) MSC < MB E) MSC is undefined
Approximately how often is the Consumer Price Index (CPI) market basket updated?
a. Every 10 years b. Every 25 years c. Every year d. Every 2 years e. Every 5 years
When an individual weighs her options and makes a choice that maximizes her benefit at the minimum cost, economists refer to this as a process of
a. rational decision making. b. objective decision making because the value of goods is determined objectively. c. marginal management analysis. d. random decision making.
One piece of evidence that possibly supports the bounded-rationality assumption of behavioral economics is that experiments appear to have shown that
A) people make different decisions in calm situations than in situations in which emotions come into play. B) people make the same decisions in calm situations than in situations in which emotions come into play. C) total utility is maximized when marginal utility is equal to zero. D) total utility is declining when marginal utility is negative.