When a reinsurance company pays a claim, they pay
A. the rebuilding contractors directly.
B. the victim directly.
C. the government.
D. the originating insurance company.
Answer: D
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Based on this producer surplus graph, how many full units can the firm produce each week and receive a producer surplus on?
a. one
b. two
c. three
d. four
Political instability is an obstacle to development in:
A. both market and socialist economies. B. neither market nor socialist economies. C. market economies. D. socialist economies.
Excess capacity is a characteristic of monopolistically competitive firms. What does excess capacity mean?
A) It means that firms do not produce the output level that corresponds to the minimum point on their average total cost curves. B) It means that firms hire more than the minimum number of workers needed to produce the profit-maximizing level of output. C) It means that firms produce with inefficient combinations of resources. D) It means that firms build plants that are not large enough to achieve minimum efficient scale.
The taste-for-discrimination model examines an employer's prejudice and discrimination in hiring by using tools of:
A. Demand theory B. Theory of costs C. Production theory D. Profit theory