Which of the following is true?
a. Employers who discriminate against blacks and other minorities will have lower costs than rival firms that hire employees strictly on the basis of merit (productivity).
b. After adjusting for factors such as education, experience, and location, the earnings of black men are almost identical to the earnings of similar white men.
c. If employers can hire equally productive minority employees at a lower wage than non-minorities, the profit motive provides a strong incentive to do so.
d. The empirical evidence indicates that the earnings gap between whites and blacks is entirely the result of employment discrimination.
C
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The price elasticity of supply for a product will be 2 if a
A. 1% decrease in price causes a 0.2% decrease in quantity supplied. B. 2% decrease in price causes a 2% decrease in quantity supplied. C. 2% decrease in price causes a 1% decrease in quantity supplied. D. 1% decrease in price causes a 2% decrease in quantity supplied.
Refer to the scenario above. Which investment option will a risk-averse individual choose?
A) He will choose to invest in Option A. B) He will choose to invest in Option B. C) He will choose to invest in Option C. D) He will be indifferent in investing in any of the three options.
If unemployment equals the natural unemployment rate, then there
A) is zero unemployment. B) is only frictional or structural unemployment. C) are no job openings existing at the time. D) is less than full employment.
The above figure shows the situation of a monopolistic competitor in the short run. The maximum economic profits of the firm equal
A) $50,000. B) $30,000. C) 15,000. D) zero.