The main effect of employment discrimination is
A. Unemployment.
B. Underemployment.
C. Greater efficiency.
D. Greater production.
B. Underemployment.
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Distinguish between implicit and explicit costs and give examples of each. In addition, explain how explicit and implicit costs affect the distinction between economic profit and accounting profit
What explains the distinction between the two measures of profit?
When Brazil can generate a product using fewer labor hours and resources than the United States, an economist would say that Brazil had:
a. a comparative advantage in production of the product. b. an absolute advantage in production of the product. c. a higher opportunity cost of producing the product. d. no incentive to import the product, regardless of the cost-price conditions for other products.
The statement “saccharine causes cancer” is not a theory; it is a hypothesis.
Answer the following statement true (T) or false (F)
Suppose the U.S. government institutes a "Buy American" campaign, in order to encourage spending on domestic goods. What effect will this have on the U.S. trade balance?