Economic discrimination against minorities exists when
A) minorities have less education and training than whites.
B) minorities are paid less than whites on average.
C) minorities are paid less than whites with the same education, experience, and training.
D) minorities are in different occupations than whites.
Answer: C
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Jake sells Star Wars memorabilia on eBay. His annual revenue is $42,000 per year, and the explicit costs of his business are $10,000. What is his accounting profit?
A) $10,000 B) $22,000 C) $32,000 D) $42,000
By holding highly liquid assets to guard against sudden large withdrawals, banks: a. sacrifice safety
b. sacrifice profitability. c. increase profitability. d. diversify their portfolio. e. earn more interest than they could on business loans.
In the long run, an entrepreneur who owns a perfectly competitive firm will earn no income from that firm
a. True b. False
The estimated demand for a good is
= 25 - 5P + 0.32M + 12PRwhere Q is the quantity demanded of the good, P is the price of the good, M is income, and PR is the price of related good R. The good is
A. an inferior good since the coefficient on M is greater than one. B. a normal good since the coefficient on PR is positive. C. a normal good since the coefficient on M is positive. D. an inferior good since the coefficient on PR is positive. E. none of the above