The extent of discrimination is
A. measured by the differences in incomes.
B. the reason for two-thirds of the income differential between black male workers and white male workers.
C. difficult to quantify and controversial.
D. easily measured for each category of workers.
Answer: C
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What can we say about APC + APS and MPC + MPS?
A) Each must sum to 1. B) MPC + MPS = 100% of total income. C) APC + APS = 100% of the change in income. D) MPC + MPS always equals 1, but the sum of APC + APS can vary.
Tom and Jerry have two tasks to do all day: make dishes and build fences. If Tom spends all day making dishes, he will have make 16 dishes. If he instead devotes his day to building fences, Tom will build 4 fences. If Jerry spends his day making dishes, he will make 14 dishes; if he spends the day building fences, he will build 7 fences. Because Tom has a ________ opportunity cost for one fence compared to Jerry, we know Tom has ________.
A. higher; the comparative advantage in fence production B. lower; the comparative advantage in fence production C. higher; the comparative advantage in dish production D. similar; no advantage in production of either good
There is widespread agreement across the political spectrum that the only way to break the cycle of poverty and welfare dependency is to
A. provide abortion on demand. B. put every able-bodied person to work. C. enact a negative income tax. D. throw everyone off welfare.
If a positive permanent supply shock were to occur, the resulting equilibrium would be a:
A. higher level of output at lower prices. B. lower level of output and prices. C. higher level of output and prices. D. lower level of output at higher prices.