Using supply and demand to model employment discrimination, if women are legally or socially confined to certain professions such as nursing or teaching, then the wage paid to men in other professions will be ________, and the wage paid to women will be ________.
A. inefficiently low; inefficiently high
B. inefficiently high; inefficiently low
C. inefficiently high; just right
D. inefficiently low; inefficiently low
Answer: B
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Suppose that in 2016, the national income in the United States was $200 billion, depreciation was $15 billion, personal taxes were $20 billion, and transfer payments were $10 billion. Gross domestic product in 2016 is
A) $185 billion. B) $215 billion. C) $220 billion. D) $245 billion.
Suppose you own $15,000 of personal property, $5,000 of stock in XYZ Corporation, a $1,000 certificate of deposit, and $10,000 of government bonds. If XYZ Corporation goes bankrupt, the most you could lose is
A. $15,000. B. $26,000. C. $31,000. D. $5,000.
The price of a good will be demand determined if
A. the demand for the good is unit elastic. B. the demand for the good is perfectly inelastic. C. the supply of the good is perfectly inelastic. D. the supply of the good is perfectly elastic.
The owner of a local hot dog stand has estimated that if he lowers the price of hot dogs from $2.00 to $1.50, he will increase sales from 400 to 500 hot dogs per day. Using the midpoint formula, the demand for hot dogs is
A. inelastic. B. elastic. C. unit elastic. D. perfectly elastic.