Which of the following is an accurate comparison between personal income (PI) and disposable personal income (DPI)?
a. DPI is more than PI.
b. DPI is less than PI.
c. DPI is equal to PI.
d. DPI is more than PI at times and less than PI at times.
b. DPI is less than PI.
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Ronald Coase was awarded the 1991 Nobel Prize in Economics primarily for addressing problems related to externalities. Which of the following describes Coase's work?
A) Coase argued that government intervention is necessary to achieve economic efficiency in markets that are affected by externalities. B) Coase proved that a competitive market achieved a greater degree of economic efficiency than a non-competitive market when externalities occur. C) Coase proved that economic efficiency cannot be achieved in a market that is affected by positive or negative externalities. D) Coase argued that under some circumstances private solutions to the problems of externalities will occur.
The Equal Pay Act of 1963 requires that men and women be given equal pay for equal work in the same establishment
Most people agree that gender discrimination in the workplace is unfair, but many economists have criticized advocates of comparable worth. Is paying the same wages for jobs that have comparable worth mandated by the Equal Pay Act? Why don't most economists support proposals to force employers to pay their male and female employees based on comparable worth rules?