Because the seller of a used car has more information than the buyer:
A. the problem of moral hazard occurs.
B. the problem of information overload occurs.
C. the problem of adverse selection occurs.
D. the problem of bargaining imbalance occurs.
C. the problem of adverse selection occurs.
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The amount of output produced with an additional unit of variable input is referred to as:
A) total product. B) average variable product. C) marginal product. D) average fixed product.
Since 1970, union membership, as a percent of the labor force,
a. has remained virtually unchanged. b. has increased, as more government workers have decided to unionize. c. has decreased. d. has gone through wild swings both up and down.
A technological improvement in the production of tablets would
A) increase the demand for tablets. B) increase the supply of tablets. C) decrease the demand for tablets. D) decrease the supply of tablets.
International dependence theories distinguish between two groups of countries known as
a. rich-poor. b. developed-developing. c. center-periphery. d. independent-dependent.