The "vicious cycle of discrimination" refers to
a. the use of statistical discrimination to perpetuate the impact of employer prejudice on minorities
b. the portion of the wage differential between two groups that cannot be accounted for by differences in education and job experience
c. lower wage rates that reduce incentives to improve skill levels and gain job experience, which perpetuates lower wage rates
d. any job-market discrimination that remains after all premarket discrimination has been eliminated
e. job-market discrimination that leads to increased prejudices among workers and customers, thus generating more discrimination
C
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For a given positively sloped supply curve, the price increase to consumers resulting from a specific tax imposed on sellers will be
A) greater the more price elastic demand is. B) greater the less price elastic demand is. C) equal to the entire tax when demand is perfectly elastic. D) equal to half of the tax whenever demand is unit elastic.
According to proponents of behavioral economics, because every possible choice cannot be considered, an individual will tend to fall back on methods of making decisions that are simpler than trying to sort through every single possibility, known as
A) rules of thumb. B) rational options. C) irrational choices. D) normative decisions.
Give three explanations for the law of demand:
Please provide the best answer for the statement.
The self-correcting property of the economy means that output gaps are eventually eliminated by:
A. increasing or decreasing potential output. B. government policy. C. decreasing inflation only. D. increasing or decreasing inflation.