Suppose the mean earnings of two groups differ. Which of the following would be the logical conclusion?
a. The group with the lowest earnings must be the victim of employment discrimination.
b. The group with the lowest earnings must be less productive.
c. The group with the highest earnings is more highly motivated and materialistic.
d. Without consideration of preferences and productivity factors, differences in unadjusted mean earnings do not necessarily reflect employment discrimination.
D
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As the ________ interest rate increases, the quantity of loanable funds demanded ________
A) real; increases B) real; decreases C) nominal; increases D) nominal; decreases
Assume that Bulgaria has a comparative advantage in producing sandals and Finland imports sandals from Bulgaria. We can conclude that
A) Labor costs are higher for sandal producers in Finland than in Bulgaria. B) Bulgaria also has an absolute advantage in producing sandals relative to Finland. C) Bulgaria has a lower opportunity cost of producing sandals relative to Finland. D) Finland has an absolute disadvantage in producing sandals relative to Bulgaria.
The circular flow diagram shows that
A) households spend all their income on goods and services. B) the value of total income is equal to the total value of expenditures on final goods and services. C) firms pay households wages, and households receive transfer payments from firms. D) GDP will be less than the total value of expenditures on final goods and services in the economy.
According to economic reasoning, you should follow Nike's advice and "Just Do It" when
What will be an ideal response?