Kevin Freeman is the head of a team developing plastic knee replacements. Each member of the team brings specialized knowledge to the innovation process. Kevin noticed that the specialist on bone and artificial materials compatibility is always late to meetings and contributes little. This is an example of the
A. costs of employee buy-in.
B. free-rider problem.
C. costs of collective-action problems.
D. benefits of the use of dispersed specific knowledge.
Answer: B
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The workers in Adam Smith’s famous pin factory, who were proficient in pin production, faced the problem of
A. too many different tasks. B. becoming bored with their jobs. C. needing to exchange pins for other goods and services. D. not having too few pins to purchase other goods and services.
All else equal, people with risky jobs tend to make more money than people with safe jobs
Indicate whether the statement is true or false
If total revenue increases when price increases:
A. demand is elastic. B. demand is inelastic. C. demand is unit elastic. D. Any of these could be true.
A decrease in the market clearing exchange value of the home nation's currency in terms of the currency of another nation is a home currency
A) appreciation. B) revaluation. C) depreciation. D) devaluation.