Characteristics of the short run include:
a. at least one fixed input
b. insufficient time for firms to enter or leave the industry in question.
c. the applicability of the law of diminishing marginal product.
d. all of the above.
d
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The Equal Pay Act of 1963 requires that men and women be given equal pay for equal work in the same establishment
Most people agree that gender discrimination in the workplace is unfair, but many economists have criticized advocates of comparable worth. Is paying the same wages for jobs that have comparable worth mandated by the Equal Pay Act? Why don't most economists support proposals to force employers to pay their male and female employees based on comparable worth rules?
Marshall owns and operates a construction firm. He uses inexpensive and low-grade building products and accepts inferior carpentry work from his subcontractors. Nevertheless, Marshall complies with all the city building codes as well as all state and federal laws. Has he fulfilled all of his ethical obligations
a. Yes, because legal standards are stricter than ethical standards. b. Yes, because ethical obligations require only legal behavior. c. No, because ethics is too hard to define. d. No, because legal compliance is regarded as the moral minimum.
Increases in output and increases in the inflation rate have been linked to
A. increases in the money supply. B. higher rates of interest. C. discretionary tax policy. D. discretionary government spending.
An increase in the population growth rate in the Solow growth model causes the growth in output per worker to be higher in the long run or steady state
a. true b. false