Measuring how much discrimination affects labor market outcomes is difficult because a. data on wages are crucial but not readily available. b. firms misreport the wages they pay to hide discriminatory practices. c. workers differ in their attributes and the types of jobs they have. d. the same minimum-wage law applies to workers in all groups.

Q: Define Gross Domestic Product (GDP) and elaborate its components.

A: Gross Domestic Product is used to gauge the growth status of an economy, it indicates how much growt...

Q: Explain in detail why economic profits are zero in the long run in the Perfect Competition (PC) Mode...

A: Solution: Perfect Competition: It refers to the market situation in which there are large number of ...

Q: Nicey was temporarily laid off from his job due to slow sales. The Bureau of Labor Statistics counts...

A: According to The Bureau of Labor Statistics, people who do not have a job, have actively looking for...

Q: If Brent uses his credit card to purchase a new television, then the money to pay the retailer is ta...

A: M1 funds are those funds that are basically used as a medium of exchange. It includes demand deposit...

Q: What type of market structure is this toilet paper most likely to be in? Describe at least three cha...

A: Toilet paper is most likely to be a Monopolistic competition. Monopolistic competition is the market...

Q: Read the following article and then answer the questions that follow: Without question, the most im...

A: Given Passage: Without question, the most important ...................................................

Q: "Pork-barrel" legislation that contains funding for hundreds of separate special products scattered ...

A: Pork barrel is a term used for the appropriation of government spending for local projects controlle...

Q: The following table shows demand and marginal cost for a monopolist. Calculate marginal revenue (MR)...

A: Total revenue = Price x Quantity Marginal revenue = change in total revenue change in total output q...

Q: When a shift in ________________ occurs, rational expectations hold that its impact on output and em...

A: The Aggregate Demand (AD) depicts the total demand generated by the individuals in an economy at giv...

Q: Suppose that in the Canadian market for Japanese cars, person 1 is willing to pay $35,000, person 2 ...

A: In microeconomics, customer excess/surplus is the contrast between the most exorbitant price a buyer...

Q: 1) Answer the Questions below a) Your father tells you he earned $1.50 per hour when he was 16 in 19...

A:  Inflation calculates the increment in price level. The inflation is of different types: Creeping i...

Q: Rent Control (a) Use the market diagram to illustrate the imposition of a rent ceiling above the mar...

A:   Meaning of Price Ceiling: The term price ceiling refers to the situation under which the governmen...

Q: Which expression is another way of saying "marginal cost"?       Scarce resources        Additional ...

A: Cost is the term that is used to describe the expenditure made by an individual to get products and ...

Q: If the price of gasoline is $2.00 and the price elasticity of demand 0.4, what is the new price if t...

A: The price elasticity of DD (demand) can be defined as when the change in quantity (Q) demanded is me...

Q: In 2019, Japan had a tariff on canola oil imports from Canada of 13.2 yen per kg. This same year, Ja...

A: Equilibrium is achieved at the output level where quantity supplied equals quantity demanded. 

Q: The demand for each seller's product in perfect competition is horizontal at the market pric...

A: A market is the collection of buyers and sellers in which they exchange goods and services in terms ...

Q: Explain THREE (3) difficulties in measuring national income?

A: National income measures the monetary value of goods and services produced in the economy.  

Q: If the firm is producing 700 units, what is the amount of its profit or loss?  loss of $280 loss equ...

A: Profit is the amount of money earned in excess of the expenses, i.e excess of revenue over cost, whe...

Q: Which of the following would be most likely to induce the Federal Reserve to conduct expansionary mo...

A: Economic Plan is governing the money stock, supervising price rises/decreases, regulating the intere...

Q: Which one of the following is the best example of someone acting according to the assumptions of the...

A: The neoclassical model is the model that describes steady economic growth based on labor, capital, a...

Q: A lawyer has two clients. She charges a yearly retainer plus a separate fee for each consultation. T...

A: Given, the demand function: Client 1:Q1=23-PClinet 2:Q2=19-2P Marginal cost = $2.8 If the lawyer is ...

Q: According to the table (in billions of dollars), Consumption $1,000 Interest $80 Corporate Profits $...

A: GDP refers to the market value of all the final goods and services produced in an economy during an ...

Q: When the R2 of a regression equation is very high, it indicates that all the coefficients are statis...

A:  R2 indicates the co-efficient of determinations. The higher the values, the higher is the relations...

Q: A price floor means that:         inflation is severe in this particular market.        sellers are ...

A: Price Floor A price floor is an established lower price boundary for a commodity in the market that ...

Q: A monopolist is deciding how to allocate output between two geographically separated markets​ (East ...

A: The equilibrium condition of monopoly reflecting the profit maximization point is one where marginal...

Q: Which option is not true on the price of health care? In general it does not affect ones health  It...

A: Price refers to the amount charged to a buyer in the market while buying the commodity which provide...

Q: Suppose that the MPS = 0.2 and the government is interested in raising the level of output in the ec...

A: The income of an individual is either saved or consumed by the individual. When there is a marginal ...

Q: Refer to Figure above. Explain and show the changes on the diagram to each scenarios what will happe...

A: In the diagram above the demand and supply curve is shown for Place T consumers and producers as wel...

Q: True/False  A pro-savings policy by the US would likely reduce the US trade deficit.

A: Trade deficit: It refers to the situation in which the country import exceeds the country’s export. ...

Q: According to the signaling hypothesis,  signaling about job openings occur in help wanted classified...

A: According to Wikipedia ,signalling is the idea that one party credibly conveys some information abou...

Q: Among the stages-of-growth theory of development, the structural-change models of Lewis and Chenery,...

A: As per the model of Lewis and Chenery, it was assumed that that the employment created by the urbani...

Q: Consider the market supply for pizza, indicate a movement along the supply curve for pizza or a shif...

A: The law of supply establishes a positive and direct relationship between the price of a good and its...

Q: 10

A: By dividing total revenue(TR) by quantity(x) we will get the average revenue(AR) and by dividing tot...

Q: The use of money makes us more efficient because:   a. We spend more time trading and more time prod...

A: Money has many functions. It is the most liquid asset in the world.

Q: Your college newspaper, The Collegiate Investigator, sells for 90¢ per copy. The cost of producing x...

A: Marginal profit is the earnings derived from the addition of one extra unit in the production proces...

Q: What is meant by entrepreneur? Explain why people are willing to take the risks of entrepreneurship?

A: Entrepreneur means someone who innovates and brings new ideas. With these ideas,new business develop...

Q: Mention two (2) of the cultural assimilators and explain how these can facilitate the process of cul...

A: Cultural assimilation refers to the method of integrating and adjusting various cultures present in ...

Q: Given a choice between two investments with the same expected payoff:   a. Most people will choose t...

A: To compare investments and identify the best investment, expected payoffs and standard deviations ar...

Q: If monopolistically competitive firms in an industry are making an economic profit, then new firms w...

A: Monopolistic competition is a market structure where there are many buyers & sellers who sell si...

Q: Which type of economic system do you support? Why?

A: The mixed economic system, market economic system, and the command economic system are the three typ...

Q: From an initial long-run equilibrium, if aggregate demand grows more slowly than long-run and short-...

A: Lower growth in demand compared to supply will lead to a dip in prices. This is a situation of exces...

Q: Companies that reduce their margins on export products in the face of appreciation of their home cur...

A: As a result of appreciation exports are going to decline. If they reduce their profit margin , they ...

Q: Economic profits are equal to      total revenues minus fixed costs.        total revenues minus the...

A: The costs are of different types which are incurred during the production process. These include: Fi...

Q: Why is it important for business leaders to be aware of Micro economics?

A: MICRO ECONOMICS- micro economics implies the study of the aspect of economy at individual level.it c...

Q: Variable costs are    sunk costs.        costs that change every day.        costs that change with ...

A: Cost is the expenditure incurred on production of the good and service. There are various types of c...

Q: How important is the study of monetary theory in relation to stabilizing the economy? Support your a...

A: To control the money supply and achieve sustainable economic goals central banks of the country use ...

Q: The bid price for a bond quote is:   a. Fixed over the life of a bond b. The price at which the bond...

A: The price of a bond is determined by the forces of demand and supply in the market. The price buyers...

Q: Define Gross Domestic Product (GDP) and elaborate its components.

A:

Q: Foreign exchange rates refer to the  price at which purchases and sales of foreign goods take place ...

A: The exchange rate is the utmost vital determining factor of a state's comparative level of financial...

Q: The median-voter model implies that a political office seeker will:        adopt more extreme views ...

A: The theory of median-voter is also called the black's theorem or median voter theorem. It is one of ...