Assume that empirical evidence shows a difference in mean earnings between two groups, say, majority and minority workers. What conclusion may be drawn?
a. The group with the lower earnings is being discriminated against.
b. The group with the lower earnings is less productive.
c. The group with the lower earnings has less human capital.
d. Any of the above statements could, either partially or entirely, explain this difference.
D
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A financial bubble starts to inflate when:
A. investors become irrationally optimistic that an asset's price will continue to rise. B. investors become irrationally pessimistic that an asset needs to be sold immediately. C. a good experiences an unexplained rise in demand increasing its price. D. inflation begins to accelerate, and monetary and fiscal policy are ineffective at slowing its growth.
Examples used in the text to illustrate "competition among the few" include all of the following industries except
a. cereal b. airline c. fish d. automobile e. baby food
Between 2009 and 2013:
a. both the actual and the structural deficit fell substantially. b. both the actual and the structural deficit rose subtantially. c. the actual deficit rose, while the structural deficit fell substantially. d. the structural deficit rose, while the actual deficit fell substantially.
Which of the following would most likely serve as an example of a monopoly?
a. a restaurant in a large city b. a dry cleaners in a large city c. a local gas station d. a local electrical company