If there is a low degree of uncertainty combined with a low degree of asset specificity, _____ will be efficient
a. long-term contracts
b. short-term contracts
c. market transactions
d. vertical integration
C
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Special interest group Z receives a 1/200th slice of the economic pie. Its net benefit from both an economic growth policy and a transfer policy is $60,000. How much does the size of the economic pie (Real GDP) need to grow before group Z is indifferent between the two policies?
A. $300 B. $120,000 C. $120,000,000 D. $12,000,000 E. none of the above
An idea concerning production that eventually takes the form of a new applied technology is
a. the scientific method b. robots c. increasing cost of new technology d. innovation e. human capital
The simple circular-flow model for households and firms is an economic model that focuses on the interaction between households and firms. Which of the following statements regarding the model is correct?
a.) the model is missing the interaction between firms and the resource market. Therefore, it cannot predict well. b.) the model is missing the interaction between households and the product market. Therefore, it cannot predict well c.) the model has too many simplifying assumptions, and it cannot be used to make predictions about the real world d.) the model is a simplification of the real world, and it can be used to make predictions about the real world e.) the model is missing the interaction between firms and the produce market. Therefore, it cannot predict well
Which of the following was signed in the Kyoto Protocol?
A) the Framework Convention on Climate Change B) the Zero Greenhouse Gas Agreement C) the Treaty on Global Warming D) the Emission Trading Scheme