Economists generally agree that
a. human capital theory provides the best explanation of discriminatory practices.
b. differences in average wages do not by themselves provide conclusive evidence about the magnitude of discrimination in labor markets.
c. discrimination is exclusively an economic, rather than political, phenomenon.
d. most of the wage differentials observed in the U.S. economy are due to discrimination.
b
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Peak-load pricing suggests that some prices are a function of
A) extensions. B) time. C) costs. D) constant elasticities.
If the value of the price elasticity of demand is 0.2, this means that:
A. a 20 percent decrease in price causes a 1 percent increase in quantity demanded. B. a 0.2 percent decrease in price causes a 1 percent increase in quantity demanded. C. a 5 percent decrease in price causes a 1 percent increase in quantity demanded. D. a 0.2 percent decrease in price causes a 0.2 percent increase in quantity demanded.
In the United States during the 1960s, government spending dramatically increased to fight the Vietnam War, which resulted in:
A. demand-pull inflation. B. cost-push inflation. C. a disinflationary recession. D. stagflation.
Changing the reserve requirement is
A. Effective in changing excess reserves but not the money supply. B. A powerful tool that can cause abrupt changes in the money supply. C. The most often-used tool on the part of the Fed. D. A tool that has little impact on the money supply.