Most economists believe that only a small gap between the wages of white males and the wages of other groups is due to education. Most of the gap is explained by discrimination
Indicate whether the statement is true or false
FALSE
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A real flow in the circular flow diagram is
i. a firm's payments of wages to its workers. ii. a household's purchase of a new car. iii. a farmer's use of land to grow corn. A) i, ii and iii B) ii only C) ii and iii D) i only E) i and iii
If apples and pears have equivalent opportunity costs,
a. it makes no difference what the economy produces, pears or apples b. the economy always gains from producing more and trading the other c. the production possibilities curve is bowed out d. one apple trades for two pears e. one apple trades for one pear
Consider the market for university economics professors. Suppose the opportunity cost of going to graduate school to get a Ph.D. in economics decreases for many individuals. Suppose it generally takes about five years to get a Ph.D. in economics. Holding all else constant, in five years the equilibrium quantity of university economics professors will
a. increase. b. decrease. c. not change. d. It is not possible to determine what will happen to the equilibrium quantity.
A dining table costs $3,000 in New York and the same table costs 5,000 euros in Rome. Thus, $1 is equal to:
a. one euro. b. 2 euros. c. 1.67 euros. d. 0.6 euros.