If an employer screens applicants by race because of generalizations about past hires, he or she is ______.
a. practicing wage discrimination
b. acting from unconscious bigotry
c. trying to reduce information costs
d. avoiding any type of discrimination
c. trying to reduce information costs
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Suppose that Year 2 is the base year. The CPI for Year 1 is approximately
A) 80.0. B) 90.0. C) 100.0. D) 120.0.
The marginal rate of technical substitution is equal to the
A) slope of the total product curve. B) change in output minus the change in labor. C) change in output divided by the change in labor. D) ratio of the marginal products of the inputs.
If a perfectly competitive firm with a known demand and random marginal cost is producing at a level in which the marginal cost is less than the expected marginal cost and the marginal revenue, which of the following is true?
A) To maximize expected profit, the firm should decrease production. B) To maximize expected profit, the firm should decrease production by one -half. C) The firm is maximizing expected profit. D) To maximize expected profit, the firm should increase production.
The ease with which any financial asset, such as your checking account, your savings account, or your certificate of deposit (CD), can be converted into a medium of exchange (to buy, say, a fish sandwich at McDonald's) is referred to as its
a. velocity b. accessibility c. convertibility d. availability e. liquidity