Explain why women, on average, earn less than men in the United States.
What will be an ideal response?
On average, women have less education and less work experience. Especially in education, women have been underrepresented in more lucrative majors while being overrepresented in majors such as general liberal arts. In addition to the differences in skills and productivity, occupational discrimination against women has also contributed to the large gender gap in income.
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When economists use the term "correlation," they are referring to
A) normative economics. B) positive economics. C) cause and effect relationships between variables. D) economic policy. E) how two variables move together in a predictable way.
Measured distributions of wealth that do not consider the role of human capital
A) are more equal than the distribution of income. B) overstate the inequality in wealth distribution. C) are more equal than the distribution of consumption. D) understate the inequality in wealth distribution.
The marginal propensity to consume (MPC) is
a. consumption expenditures divided by saving. b. consumption expenditures divided by disposable income. c. consumption expenditures divided by personal income. d. additional consumption expenditures divided by additional disposable income.
If the marginal rate of substitution between future and current consumption is less than one, then this consumer exhibits
A. a positive time preference. B. a negative time preference. C. an increasing preference. D. a neutral time preference.