Which of the following best defines discrimination?
a. Acting on a belief that people of a certain race or gender are inferior
b. Believing that people of a certain race, gender, or religion are inferior
c. Making disparaging comments about a specific race, gender, or religion
d. Avoiding any association with people who belong to a certain religion or race
a. Acting on a belief that people of a certain race or gender are inferior
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According to adaptive expectations theory, expansionary monetary and fiscal policies to reduce the unemployment rate are
A) useless in the short run
B) useless in the long run
C) ineffective on the price level
D) none of the above
The area below the demand curve and above the price line measures
A) consumer surplus. B) economic profit. C) elasticity of demand. D) the total value obtained from consuming the good or service.
Barter system is less desirable than using money for exchange because: a. it is a more inefficient and a time-consuming process
b. gold and silver are risky and inconvenient to transport. c. it tends to promote inflation. d. gold and silver are relatively scarcer than other commodities.
At the equilibrium price of a good, the good will be sold by those sellers
a. whose cost is more than price. b. whose cost is less than price. c. that can produce the good. d. enter the market first.