The simplest economic definition of discrimination is
A. prejudice.
B. unequal pay for equal work.
C. a dislike by one group associating with another group.
D. unequal pay for unequal work.
Answer: B
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Since 1960, the price of medical care in the United States has
A) decreased slightly. B) remained relatively unchanged. C) increased 8-fold. D) increased 19-fold.
An increase in the interest rate is an increase in the opportunity cost of consuming in the future.
Answer the following statement true (T) or false (F)
The opportunity cost of holding money
a. the dollar cost necessary to change other assets into money
b. the time cost of accessing funds
c. the value of the goods and services a person is able to obtain with the money
d. the interest a person could have earned by holding other forms of wealth instead
e. zero, because opportunity costs only apply to real assets, goods and services
During the winter of 1997-1998, the northeastern United States experienced warmer than usual conditions. The price of home heating oil was less than it was during the previous winter, but people bought less home heating oil. This contradicts the Law of Demand
Indicate whether the statement is true or false