Using supply and demand to model employment discrimination, if blacks are legally confined to certain professions, then the ________ for workers in these professions is inefficiently ________.
A. supply; high
B. demand; high
C. demand; low
D. supply; low
Answer: A
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Marginal benefit is the benefit that a person receives from consuming
A) a good or service until the person has grown tired of it. B) only goods and services that are free. C) one more unit of a good or service. D) all of the possible units of a good or service that can be consumed. E) one more unit of a good and is equal to the cost of producing the unit of the good.
The capture theory of regulation predicts that regulations bring ________ to producers and impose ________ on any individual consumer
A) small benefits; small costs B) small benefits; large costs C) large benefits; small costs D) large benefits; large costs E) large benefits; no costs
The change in consumption divided by a change in income is called the:
a. consumption function. b. marginal propensity to consume. c. marginal propensity to spend. d. spending function. e. changing propensity to consume.
Which of the following factors will make it easier for a labor union to increase the wages of its members?
a. a highly inelastic demand for the products produced by the union labor b. a readily available supply of similar products produced by nonunion labor c. low tariffs and strong competition from foreign firms producing the products supplied by the union labor d. a reduction in the demand for the products produced by the union labor