If one looks at U.S. Census data and finds that the average male salary is $43,000 while the average female salary is $38,000, which of the following is not likely to be a significant cause of this difference given U.S. labor market demographics?
A. Women and men prefer different kinds of jobs.
B. On-the-job experience varies.
C. Women have less education than men.
D. Discrimination exists in the labor market.
E. Women are more inclined than men to work part-time.
Answer: C
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In the short run, a perfectly competitive firm ________ make an economic profit and ________ incur an economic loss
A) might; will never B) will never; might C) might; might D) will never; will never E) will definitely; will never
Economics is the study of
a. how to get rich by playing the stock market b. the best ways to reduce people's wants, given the scarcity of resources c. how rational government officials determine what goods should be produced d. money and why it is good e. how people use limited resources to try to satisfy unlimited wants
If the demand function for apples is P = 1 - Q, how much consumer surplus does the consumer gain when the price of the apples equals 5?
A. 25 B. 5 C. 12.5 D. 20
Refer to the information provided in Figure 34.4 below to answer the question(s) that follow.
Figure 34.4Refer to Figure 34.4. The demand and supply of pounds are S1 and D1. Which of the following can change the equilibrium exchange rate ($/pound) to $1.50 and the equilibrium quantity to 400 pounds?
A. the price level in Great Britain decreases B. income in the United States decreases C. British purchases of U.S.-made cars increase D. United States purchases of British-made cars increase