If Hispanics are paid less than their marginal product, then
a. cooperation among firms can perpetuate this wage discrimination.
b. employers can engage in discrimination at zero cost.
c. nondiscriminating firms will hire more Hispanics.
d. whites will be paid compensating differentials.
c. nondiscriminating firms will hire more Hispanics.
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The Phillips curve trade-off relationship implies that
A) there is no relationship between inflation and unemployment, at least in the long run. B) the government can fine-tune the economy and generate both the natural rate of unemployment and zero inflation. C) the government can fine-tune the economy and pick the most preferred combination of unemployment and inflation. D) low unemployment can be obtained only by generating rapidly increasing inflation.
If the federal government is running a budget surplus,
a. its expenditures must be greater than its revenues. b. the supply of money will decline. c. it will be able to reduce its outstanding debt. d. the U.S. Treasury will have to borrow additional funds in order to cover the surplus.