Which of the following is an example of labor-market discrimination? You may assume that worker A and worker B have identical characteristics except for the ones listed. A firm offers a higher salary to worker A than worker B because worker A
a. has more experience.
b. is willing to travel two weeks out of each month, whereas worker B will not travel more than three nights a month.
c. has a special certification that directly relates to her job, whereas worker B does not.
d. is a young blonde woman, whereas worker B is an older, gray-haired man.
d
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Distinguish the concepts of comparative advantage and absolute advantage
What will be an ideal response?
For those who favor an active approach, public policy changes are necessary to cure a recessionary gap because: a. the short-run aggregate supply curve will otherwise shift quickly to the right
b. prices and wages are flexible downward but not upward. c. the required decrease in output can be achieved only by shifting the aggregate demand curve. d. real wages must fall in order to increase aggregate supply in the economy. e. falling money wages will cause the AD curve to shift leftward unless policy counters this movement.
Under the adaptive expectations hypothesis, which of the following is the most likely short-run effect of a move to a more expansionary monetary policy?
a. higher prices and no change in real output b. higher prices and expansion in real output c. no change in prices but an expansion in real output d. no change in either prices or real output
In the U.S., taxes are paid on one's _____ gains/returns. Therefore, a _____ inflation rate encourages more saving
Fill in the blank(s) with correct word