Using supply and demand to model employment discrimination, if blacks are legally confined to certain professions, then the wage paid to whites in other professions will be ________, and the wage paid to blacks will be ________.
A. inefficiently high; inefficiently low
B. just right; inefficiently high
C. inefficiently high; just right
D. just right; inefficiently low
Answer: A
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The marginal cost of hiring the 7th worker is
a. $400 b. $1000 c. $200 d. $0
Juanita worked for a defense contractor in the United States. During the 2008 recession, the government cut spending and Juanita and ninety-nine others were laid off. In such a case, the unemployment Juanita is experiencing is _____
a. cyclical b. structural c. seasonal d. frictional e. voluntary
One of the Ten Principles of Economics in Chapter 1 is that people face tradeoffs. The growth that arises from capital accumulation is not a free lunch. It requires that society
a. conserve resources for future generations. b. sacrifice consumption goods and services now in order to enjoy more consumption in the future. c. recycle resources so that future generations can produce goods and services with the accumulated capital. d. None of the above is correct.
If an increase in the price of good X results in a decrease in the quantity of Y demanded:
A. good X and good Y are substitutes. B. good X and good Y are complements. C. the cross-price elasticity of demand for good Y is positive. D. There is not sufficient information to determine the relationship between good X and good Y.