360) Which of the following statements about discrimination in labour markets is false?

It is always illegal for employers in the UK to discriminate on race or gender

Employers are most likely to discriminate against applicants from particular groups if the wage is held above the market wage, for example because of a minimum wage law.

It is irrational for a profit-maximizing firm to pay different wages to different genders for the same work, unless they or their clients believe one gender performs better than the other

Females earn less on average than males, partly because within each occupation, males hold a disproportionate share of the better paid jobs, and partly because women tend more often to work in low paid occupations

Answer is:

It is always illegal for employers in the UK to discriminate on race or gender

Micro Economics MCQ (GK Set-1) with Answers

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Related Micro Economics MCQ (GK Set-1) with Answers

361) Which of the following decisions would a carpet maker not analyse using marginal product analysis?

Answer is:

Whether to buy a new loom during the next three months

362) Which of the following statements about people who rent out land for animals to graze on is true?

The whole income of these people is economic rent because land as a whole is in perfectly inelastic supply

The whole income of these people is transfer earnings, because if the rent was any lower they would not bother to rent out their land

The income of these people is divided between economic rent and transfer earnings, and some people have higher transfer earnings and lower economic rent than others.

The income of these people is divided between economic rent and transfer earnings, and the proportion of this income which is economic rent is the same for all of them

Answer is:

The income of these people is divided between economic rent and transfer earnings, and some people have higher transfer earnings and lower economic rent than others.

363) Suppose the discount rate is 10% per year. Which of the following statements is true?

Answer is:

The present value of Rs.1,331 in three years’ time is Rs.1,000

364) Suppose a firm is considering the purchase of a machine. The machine costs Rs.10,000 and has an expected stream of future returns which, at the current risk-free interest rate, have a present value of Rs.10,500. Which of the following statements is false?

The future returns are the extra revenue the firm will get from owning the machine.

The net present value of the machine is Rs.500

The firm might not buy the machine now simply because of the risk involved

If the firm does not buy the machine now, but redoes the calculations in three months, it might find the net present value has increased

Answer is:

The future returns are the extra revenue the firm will get from owning the machine.

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