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 woman.
D. Women are more likely to choose flexible, part-time employment to manage the needs of their family.
Answer: D
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The long-run aggregate supply curve is vertical at $10 trillion, but the short-run aggregate supply curve intersects the aggregate demand curve at $12 trillion. From this, we know that
A) the economy is operating below full capacity in the short run, and will have to adjust by hiring more workers, thus reducing unemployment. B) the price level is too high. The only way long-run equilibrium can be restored is to lower the price level. C) adjustments will have to occur so that the long-run aggregate supply equals $12 trillion. D) adjustments will have to occur so that the short-run aggregate supply intersects the aggregate demand curve at $10 trillion.
One unpleasant cure for the U.S. trade deficit of the 1990s would be for foreigners who hold U.S. financial assets to demand
a. lower interest rates to stimulate U.S. growth rates. b. higher interest rates and generate a recession in the United States. c. higher interest rates and generate an appreciation of the dollar. d. lower interest rates and generate a depreciation of the dollar.
Refer to the graph shown, which shows total product. At point A:
A. marginal product is at its minimum point. B. marginal product is at its maximum point. C. average product is at its maximum point. D. marginal product is zero.
If the market demand decreases for a good sold in a perfectly competitive market, firms in the market:
A. will be able to charge a higher price for their product. B. will receive a lower price for their product. C. will not be able to change their price. D. will not be affected by the change in demand.