Which of the following statements is not correct?
a. If a firm discriminates by paying short workers less than tall workers, the firm may be able to compete in the market if the firm's customers also prefer taller workers to shorter workers.
b. If the government passes regulations that prevent shorter workers from working in higher paying jobs, taller workers may continue to earn higher wages than shorter workers.
c. Government regulation that prohibits discrimination is economically necessary because market forces support discrimination.
d. Competitive markets will eliminate discrimination in wages over time unless customer preferences also reflect discrimination and/or government intervention promotes discrimination.
c
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The statement: "If everyone trades in the competitive marketplace, all mutually beneficial trades will be completed, and the resulting equilibrium allocation of resources will be economically efficient." is formally known as:
A) the law of supply and demand. B) the first theorem of supply and demand. C) the first theorem of welfare economics. D) the first theorem of efficiency in economics.
What are three ways that lenders increase the rate of interest paid relative to what it appears to be?
What will be an ideal response?
The total amount spent to buy new physical capital and replace old capital is referred to as
A) net investment. B) wealth. C) gross investment. D) savings. E) depreciation.
Moving along the total product curve, which of the following is held constant?
A) quantity of labor B) total product C) technology D) total cost E) None of the above answers is correct.