The supply of workers in a particular occupation could be relatively large if:
A. training costs are low.
B. job features are undesirable.
C. there are few people with the required skills.
D. there are artificial barriers to enter that profession.
Answer: A
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Providers of health care insurance require applicants to provide information on their medical history. The purpose may be to minimize which of the following problems?
A) moral hazard B) adverse selection C) government taxes D) opportunity cost
A kink in the demand curve facing an oligopolist is caused by:
a. rapidly rising marginal revenues. b. excessive advertising. c. the belief that competitors will follow price increases but not match price decreases. d. the tendency of competitors to follow price reductions but not price increases.
A dominant strategy is: a. one that maximizes the social welfare
b. one that maximizes profit. c. one that maximizes a player's welfare, regardless of the behavior of a competitor. d. one that maximizes a player's welfare, given the actions of a competitor.
In the late summer of 2005 some regions of the country were suffering from drought. What effect would we expect this to have on the stock of companies such as John Deere that manufacture farm equipment?
a. raise the demand for existing shares of the stock, causing the price to rise b. decrease the demand for existing shares of the stock, causing the price to fall c. raise the supply of the existing shares of stock, causing the price to rise d. raise the supply of the existing shares of stock, causing the price to fall