Which of the following is most accurate?
a. African Americans were generally hurt economically relative to whites during WW II.
b. African American education rates are now about the same as those of whites.
c. The poverty rate for African Americans is about 300% larger than the rate for whites.
d. The average household income of African Americans is currently about 90% of whites'.
c. The poverty rate for African Americans is about 300% larger than the rate for whites.
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A monopolistically competitive market has characteristics that are similar to
a. a monopoly only. b. a competitive firm only. c. both a monopoly and a competitive firm. d. neither a monopoly nor a competitive firm.
The ability to produce a good using fewer resources than someone else is called
A) absolute advantage. B) comparative advantage. C) specialization. D) protectionism.
Exports ________ society's total surplus because of the ________ in price and ________ in production
A) increase; rise; increase B) increase; rise; decrease C) decrease; fall; increase D) decrease; fall; decrease E) increase; fall; increase
Slower real wage growth in the U.S. since the 1970s accompanied by rapid job growth, can be explained by:
A. skill-biased technological change. B. a productivity slowdown accompanied by a decrease in the labor supply. C. globalization. D. a productivity slowdown accompanied by an increase in the labor supply.