1. Which of the following is an economic cost of discrimination to a discriminating business?
A. There are no costs.
B. Firms will face government fines.
C. Possible labor supply for that business will be increased.
D. Firms cut themselves off from the skills of people in the undesired group.
2. Which of the following is a cause of recent United States trade deficits?
A. Increased foreign incomes
B. Stagnant incomes
C. Lower U.S. incomes
D. Increased U.S. incomes
3. Price supports for agricultural products result in a
A. higher price and lower output.
B. lower price and higher output.
C. higher price and higher output.
D. lower price and lower output.
4. Demand for agricultural products can be described as
A. demand that increases proportionally with income.
B. low for domestic buyers.
C. inelastic.
D. elastic.
5. Which of the following is the term used to judge monopolies based on the actions of the firm rather than the market share?
A. Structuralists
B. Behavioralists
C. Monopolists
D. Marketists