Which of the following does NOT help explain why pay should rise with age?
A. Many jobs require a learning curve that is often years long.
B. Workers tend to build firm-specific knowledge over time.
C. Reasoning abilities, mental speed, and memory improve as people age.
D. Experience improves performance.
Answer: C
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Which of the following is true?
A) Profit as calculated by accountants and economic profit are not necessarily equal. B) Profit as calculated by accountants is always smaller than economic profit. C) Economic profit ignores implicit costs. D) The Internal Revenue Service taxes the firm's economic profit but not its normal profit. E) The Internal Revenue Service taxes the firm's normal profit but not its economic profit.
Panel (b) in Figure 6.1 reflects
a. low interest elasticity of money demand. b. money demand to be highly interest elastic. c. money demand to be completely interest insensitive. d. None of the above
Discrimination exists when a man and a woman with the same levels of education earn different incomes
a. True b. False Indicate whether the statement is true or false
Monopolistically competitive firms may not be able to produce goods at the lowest possible average cost. This statement is describing how monopolistically competitive firms might be _____.
(A) Without economies of scale. (B) Unable to engage in price fixing. (C) Lacking differentiation. (D) Unsuccessful at nonprice competition.