If one looks at U.S. Census data and finds that the average white salary is $39,000 while the average black salary is $36,000, which of the following is not likely to be a significant cause of this difference given U.S. labor market demographics?
A. Whites are more likely than blacks to own their own business.
B. Whites are more inclined than blacks to work part-time.
C. Whites are more likely than blacks to hold positions in upper management.
D. Blacks have less education than whites.
E. Discrimination exists in the labor market.
Answer: B
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One key purpose of economic regulation is
A) to force a firm to produce at the point at which marginal cost equals marginal revenue. B) to control the quality of service provided by a monopolist. C) to control the price that regulated enterprises are allowed to charge. D) to focus on the impact of production on the environment and society, the working conditions under which goods and services are produced, and sometimes the physical attributes of goods.
Economic analysis that focuses on the market behavior of firms and households is called
a. normative economics b. positive economics c. microeconomics d. macroeconomics e. econometrics