Which of the following reasons why women earn less than men is considered by some to be economic, and by others to be sociological?
A. Women outnumber men.
B. Women are the only ones who can give birth.
C. The average man is physically stronger than the average women.
D. Women are more likely to choose low-paying, "helping" professions.
Answer: D
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One reason patent protection is vitally important to pharmaceutical firms is
A) successful new drugs are not profitable. If firms are not granted patents many would go out of business and health care would be severely diminished. B) the approval process for new drugs through the Food and Drug Administration can take more than 10 years and is very costly. Patents enable firms to recover costs incurred during this process. C) the high salaries pharmaceutical firms pay to scientists and doctors make their labor costs higher than for any other business. Profits from patents are needed to pay these labor costs. D) that taxes on profits from drugs are very high; profits from patent protection enable firms to pay these taxes.
Economic stagnation coupled with high inflation is commonly called:
A. stagflation. B. inflationary stagnation. C. stagnatory growth. D. inflagnation.
Recall the Application about the free-agent market for professional baseball pitchers to answer the following question(s).Recall the Application. The market for baseball pitchers suffers from an asymmetric information problem because:
A. the pitcher's current team has superior information concerning the health of the pitcher. B. the potential new teams have superior information concerning the health of the pitcher. C. baseball teams never sign injury-prone pitchers. D. a physical exam ensures that both the player's current team and potential new teams have the same information concerning the player's health.
A tax on a previously untaxed monopoly-produced good will necessarily lower total welfare if
A) the demand curve is relatively inelastic. B) the demand curve is relatively elastic. C) less than the socially optimum is produced before the tax. D) more than the socially optimum is produced before the tax.