The two basic types of government regulation are
A) regulation of natural monopolies and regulation of cartels.
B) economic regulation and industry regulation.
C) social regulation and labor law.
D) social regulation and economic regulation.
Answer: D
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Which of the following individuals will the Bureau of Labor Statistics not count as unemployed?
A) Those who are not eligible for unemployment compensation because they have not worked in covered employment. B) Those who have turned down job offers comparable to the most recent one they held. C) Those who have used up their unemployment compensation benefits. D) Those who live in a household where at least one other person is employed full time. E) None of the above prevents an individual from being counted as unemployed.
Refer to the payoff matrix below. If Cruise the World uses a mixed strategy, what probability for offering Specials should the firm use to equate Cruise R Us' expected profits from offering a Special or not offering a special (No Special)?
Cruise R Us and Cruise the World compete in the cruise line industry. Each firm needs to determine if they are going to offer special cruise packages with special rates or not offer the specials. The above payoff matrix shows the firms' net economic profit for each set of strategies.
A) 0.75 B) 0.375 C) 0.33 D) 0.625
Which of the following is NOT a determinant of the price elasticity of demand?
A) the availability of potential substitutes B) the share of the budget spent on the item C) the time the consumer has to adjust to the price change D) the cost to produce the product
Economic rent is the minimum payment necessary to induce any of the factor to be supplied
a. True b. False Indicate whether the statement is true or false