Allen and Ellen both work at Burger Ranch. Allen is paid more than Ellen. Which of the following could explain why Allen is paid more?
a. The manager discriminates against women.
b. Allen works the undesirable early morning shift.
c. Allen has more experience and so more human capital.
d. All of the above could be correct.
d
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The absolute price elasticity of demand for a product for which annual expenditures make up a very small share of a typical consumer's budget is probably
A) less than 1. B) equal to 1. C) greater than 1. D) infinity.
From a purely economic point of view, discrimination is established if: a. black teenagers earn more than white teenagers do
b. all factors are earning an amount equivalent to their marginal revenue product. c. women earn less than men do. d. equivalent factors earn different payments for equal contributions to output.
A policy that induces people to save more shifts
a. the supply of loanable funds rightward and increases investment. b. the supply of loanable funds leftward and decreases investment. c. the supply of loanable funds rightward and decreases investment. d. the supply of loanable funds leftward and increases investment.
In the diagram, (1) is the:
A. expected-rate-of-return curve and (2) is the average total cost curve.
B. total revenue curve and (2) is the interest-rate cost-of funds-curve.
C. expected-rate-of-return curve and (2) is the interest-rate cost-of-funds curve.
D. marginal cost curve and (2) is the marginal benefit curve.