Which is NOT an example of signaling high quality in a social setting
a. wearing a business suit on a job interview
b. leaving a big tip for the waiter after a dinner date
c. offering an expensive engagement ring to your bride
d. Doing messy chores before a big date
d
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An important determinant of the price elasticity of supply is the extent to which
A) the commodity is a luxury or a necessity. B) the demand for it is both price and income elastic. C) the product has many complements or substitutes. D) production requires the use of particularly scarce or specialized resources.
How does value of marginal product (VMP) of labor determine the number of workers a competitive firm will hire?
Imposing an import quota causes the domestic real exchange rate to
a. appreciate, which increases foreign demand for domestic goods. b. appreciate, which decreases foreign demand for domestic goods. c. depreciate, which increases foreign demand for domestic goods. d. depreciate, which decreases foreign demand for domestic goods.
An example of a price ceiling would be:
A. a ration coupon. B. a guarantee of a target price for farm products. C. parity pricing. D. rent control.