Suppose that an employer can hire workers with brown hair and workers with blonde hair. Each type of worker has the same productivity. Which of the following is correct if the employer discriminates by hiring only workers with brown hair?
a. The employer will be just as efficient as a nondiscriminating employer.
b. The employer will face higher costs than firms that focus only on maximizing profits.
c. The employer will immediately go out of business because discrimination is illegal.
d. The employer will face union strikes.
b
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If banks choose not to lend out their excess reserves, the money supply will not expand
a. True b. False Indicate whether the statement is true or false
An individual purchasing goods and services will allocate his expenditures so that the pleasure he gets out of spending one more dollar is the same no matter what he spends that dollar on. For a firm purchasing resources, this is the same as ensuring that:
a. the ratio between marginal revenue product and the marginal factor cost is equal for all the resources used. b. the marginal revenue product of the resources are equal. c. the marginal factor cost of the resources are equal. d. the ratio between marginal revenue product and the marginal factor cost is greater than one for all resources. e. the marginal revenue product is greater than the marginal factor cost of all resources.
In communism, central planners decide which of the following?
a. what goods and services will be produced
b. how much will be produced
c. who will produce and consume the goods and services
d. All of the above are correct.
The demand for good X has been estimated to be ln Qxd = 100 ? 2.5 ln PX + 4 ln PY + ln M. The own price elasticity of good X is:
A. ?2.5. B. 4.0 percent. C. 4.0. D. ?2.5 percent.