Which of the following causes a difference in wages but does not necessarily qualify as discrimination?
A. differences in skills
B. differences in experience
C. differences in schooling
D. differences in language
E. All of the above lead to differences in wages but none of them necessarily qualifies as discrimination.
Answer: E
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Workers expect inflation to rise from 3% to 5% next year. As a result, this should
A) shift the short-run aggregate supply curve to the left. B) move the economy down along a stationary short-run aggregate supply curve. C) shift the short-run aggregate supply curve to the right. D) move the economy up along a stationary short-run aggregate supply curve.
Interest rates in the economy have risen. How will this affect aggregate demand and equilibrium in the short run?
A) Aggregate demand will rise, the equilibrium price level will fall, and the equilibrium level of GDP will rise. B) Aggregate demand will fall, the equilibrium price level will rise, and the equilibrium level of GDP will fall. C) Aggregate demand will fall, the equilibrium price level will fall, and the equilibrium level of GDP will fall. D) Aggregate demand will rise, the equilibrium price level will rise, and the equilibrium level of GDP will rise.
What is the marginal product of labor?
a. units of output added by a worker b. average variable cost of one unit of output c. revenue added by adding a worker d. price of output minus cost of input
Which of the following is NOT true of a perfectly competitive firm?
A. It sells only a small fraction of the total quantity exchanged in the market. B. It seeks to maximize revenue. C. It faces a perfectly elastic demand curve. D. It is unable to influence the price of the good it sells.