Institutional discrimination exists when:
A. discrimination is based on individual characteristics related to job performance.
B. the structure of a job makes it difficult for certain groups of individuals to succeed.
C. discrimination is based on individual characteristics not related to job performance.
D. discrimination is based on correctly perceived statistical characteristics of a group.
Answer: B
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The economic philosophy that favors strict limits on imports and strong support for exports is called
A) zero sum. B) autarky. C) mercantilism. D) comparative advantage. E) absolute advantage.
Which statement is most correct: According to new research by Olmstead and Rhodes in 2008, productivity gains in cotton:
a. included a nearly 10 percent per annum increase in labor productivity. b. were accomplished by mechanical innovations. c. were accomplished by biological innovations. d. were entirely due to the depletion of Eastern soils, which drove production to the Southwest.
Given the strict quantity theory of money, if the quantity of money doubled, prices would
a. fall by half. b. double. c. remain constant. d. increase somewhat but less than double.
Which of the following is an example of perfect competition?
A.) One large firm supplies the entire product to the market. B.) Two firms supply the entire market and compete with each other for customers. C.) Many small firms all produce the same good. D.) Many firms supply similar products, but each has significant brand loyalty.