How would you apply the scientific process to the question of why men typically earn more than women?
What will be an ideal response?
Here, we might start with the simplifying assumption that men differ from women, but not from other men. Therefore, we can compare one group (men) to another group (women). First, we would have to observe a situation where men earn more than women. Second, we would have to construct a theory about why men earn more than women in this situation. Perhaps the job is "dangerous," requires a large amount of physical strength or is too time consuming to allow time to raise children. Perhaps men and women have different levels of education. There are a variety of theories that could be applied to this situation. Third, we would have to identify additional implications of the theory. Perhaps men and women earn the same in occupations that are not dangerous, do not require a lot of physical strength and have flexible work schedules. Fourth, we would have to collect data on earnings and the characteristics of the men and women in the occupation with the earnings disparity. Data could be collected through employers' records or surveys. This data would be used to test the theory. Fifth, the theory would be refined based on how well it fits the data and whether new observations become available.
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If the government imposes an effective ________, a deadweight loss ________
A) price floor; does not occur B) price ceiling; does not occur C) price ceiling; occurs D) price support; does not occur E) Both answers C and D are correct.
According to classical economists, the price level will remain unchanged as long as the growth rate of M equals
a. the growth rate of Q b. the growth rate of P c. the growth rate of V d. the inflation rate e. zero
Which of the following conditions distinguishes monopolistic competition from perfect competition?
a. number of sellers b. freedom of entry and exit c. perfect information d. homogeneity of the product
When (if at all) can the crowding-out effect be prevented?
A) when the Fed decreases the money supply to accommodate the expansionary fiscal policy B) when the real money supply is held constant C) when the real balance effect is working D) when the Fed allows the real money supply to increase sufficiently to keep the interest rate from rising