When members of a group enjoy different opportunities that cannot be attributed to differences in ability,
a. discrimination is said to occur
b. comparable worth laws are ineffective
c. licensing agreements must be in effect
d. all wages in the market will be the same
e. the demand for labor will increase
A
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Which of these government financing methods is generally the least inflationary?
A) Printing currency B) Borrowing from the banking system C) Borrowing from the central bank D) Borrowing from the non-bank public
If the intended aim of the price floor set in the graph shown was a net increase in the well-being of producers, then normative analysis would conclude that:
A. the policy was effective, since surplus gained by producers through higher prices is greater than the surplus they lost through deadweight loss.
B. the policy was ineffective, since surplus gained by producers through higher prices is greater than the surplus they lost through deadweight loss.
C. the policy was effective, since surplus gained by producers through higher prices is greater than the surplus lost by consumers through higher prices.
D. there is no "right" conclusion to be reached in a normative sense, since people have different opinions concerning what constitutes a better outcome.
In the short run, at least one factor of production is fixed. This implies that beyond some level of output a firm will:
A. "learn by doing." B. experience diminishing marginal returns. C. experience increasing marginal returns. D. have a U-shaped long-run average cost curve.
Refer to Figure 8.4. If six microwave ovens are produced, Micro Oven's average fixed costs are A) $33.33. B) $83.33. C) $116.67. D) indeterminate from this information.