inflation is
What will be an ideal response?
persistent increase in the general level of prices
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Which of the following is true?
a. Employers who discriminate against women will have lower costs than rival firms that hire employees strictly on the basis of merit (productivity). b. If employers can hire equally productive female employees at a lower wage than males, the profit motive gives them a strong incentive to do so. c. The female/male earnings ratio is higher for persons who are married than for those who remain single. d. Both a and c are true.
If a small percentage change in price causes a larger percentage change in the quantity demanded, the good has:
A. an elastic demand. B. an inelastic demand. C. a high magnitude of response. D. a low magnitude of response.
The quantity supplied of a good or service is the amount that
A) producers wish they could sell at a higher price. B) is actually bought during a given time period at a given price. C) people are willing to buy during a given time period at a given price. D) producers plan to sell during a given time period at a given price.
Which of the following statements is true?
A) All economic agents are necessarily individuals. B) A worker who shirks work is not an economic agent. C) A government is an example of an economic agent. D) A street gang is not an economic agent.