The unemployment rate for blacks is generally ___ the unemployment rate experienced by whites.
Fill in the blank(s) with the appropriate word(s).
double
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If a natural monopoly is told to set price equal to average cost, then the firm
A) is not able to set marginal revenue equal to marginal cost. B) automatically also sets price equal to marginal cost. C) will make a substantial economic profit. D) will incur an economic loss. E) sets a price that is lower than its marginal cost.
When the ultimatum game is played for larger rather than smaller amounts of money, behavioral economists have found that when the proposed splits are very uneven:
A. responders are much more likely to accept the offer because of the amount of money involved. B. responders are no more likely to accept the offer if they consider the split to be unfair. C. responders are much less likely to accept the offer because their sense of unfairness is heightened with larger amounts of money. D. responders will accept offers at a higher rate but will exact greater emotional penalties on the proposer.
An industry is in ________ if firms have an incentive to enter or exit in the ________ run.
A. equilibrium; short B. equilibrium; long C. disequilibrium; long D. disequilibrium; short
If the government used the revenue from the excise tax on cigarettes to fund research on lung cancer treatment programs, this would be an example of
A. a benefits-received tax. B. an ability-to-pay tax. C. a vertical equity tax. D. a user fee.