Which statement is false?
A. The unemployment rate for blacks has consistently been double that of whites.
B. The largest source of income is property income.
C. Women have traditionally earned 60% of what men have earned.
D. None of these statements are false.
B. The largest source of income is property income.
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After a firm makes both short and long run adjustments to its production plan following an increase in the output price,
A. the marginal product of capital will be higher. B. the marginal product of labor will be lower. C. the technical rate of substitution will be unchanged. D. (a) and (c) E. (b) and (c) F. (a) and (b) G. All of the above. H. We cannot tell for sure -- so none of the above.
______________ refers to the fraction of your medical bill that you, rather than your insurer, must cover.
A. Co-insurance B. Co-pay C. Deductible D. None of the above is correct.
If a currency union lowers the cost of trade and therefore promotes increased trade, the Euro-optimists believe that:
A) a currency union at some point will no longer be necessary. B) at some point the OCA criteria will be satisfied. C) the benefits of having an independent monetary policy will outweigh the benefits from the currency union. D) the currency union may never be beneficial to an individual nation, but it does reduce political tension in large regions.
Refer to the labor market diagram where D is the labor demand curve, S is the labor supply curve, and MRC is the marginal resource (labor) cost curve. If this were a purely competitive labor market, the equilibrium wage rate and level of employment would be:
A. $5 and 3 respectively.
B. $6 and 4 respectively.
C. $7 and 5 respectively.
D. $8 and 3 respectively.