Is measuring the effect of discrimination on wages relatively easy or relatively difficult? Explain?
It can be relatively difficult because equilibrium wages are determined by a number of factors such as human capital, beauty, effort, and willingness and ability to do different kinds of work.
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Economists use the phrase ceteris paribus to express the assumption
A. "all else equal." B. "scarcity is a fact of life." C. "there is no such thing as a free lunch." D. "everything affects everything else."
The smallest quantity of output at which long-run average cost is at a minimum is a firm's ________
A) maximum efficient scale B) profit-maximizing output point C) minimum efficient scale D) efficient output point
Which of the following is true of inflation?
A. It occurs when the demand for a particular currency is more than the supply B. It occurs when securities are purchased in one market for immediate resale in another. C. It occurs when two parties agree to exchange currency and execute a deal at a specific date in the future. D. It occurs when the quantity of money in circulation rises faster than the stock of goods and service. E. It occurs when output increases faster than the money supply.
Indifference curves that cross would suggest that
a. the consumer does not prefer more to less. b. the consumer is likely to prefer a redistribution of income from rich to poor. c. different individuals have different preferences for the same goods. d. the marginal rate of substitution is the same for both indifference curves.