Economists who have compared the incomes of never-married men and women have found that with equal amounts of human capital, ________
A) the wages of these two groups are the same
B) men earn significantly more than women
C) women earn significantly more than men
D) men specialize more in home production
A
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Even if the City Council fixed high minimum taxi fares and gave licenses to operate to only a few cab owners, license holders would not earn large profits from operating taxis in the city because
A) people would drive their own cars. B) people would substitute buses for taxis. C) taxis are not a necessity of life. D) the cost of owning a license would eat up the potential profits from operating a taxi. E) the demand would fall as taxi fares rose.
The figure above shows the cost, marginal revenue, and demand curves of Golden Chow, a producer of dog food. The market for dog food is monopolistic competition. In the long run as new firms enter, Golden Chow cuts its output to 200 cans per day
Its excess capacity is ________ cans per day. A) 0 B) between 0 and 200 C) between 201 and 400 D) more than 401
The American Federation of State, County, Government and Municipal Employees is an example of a(n)
A) guild. B) craft union. C) industrial union. D) public-sector union.
An increase in both supply and demand causes which of the following?
a. Equilibrium price falls. b. Equilibrium price rises. c. Equilibrium price change is indeterminate. d. Equilibrium quantity decreases. e. Equilibrium quantity change is indeterminate.