Which of the following will be an efficient payment scheme for a defendant's attorney, who is experienced in handling similar cases in the past?
a. Contingency fees
b. Capitation fees
c. Hourly billing
d. Quality based billing
C
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Refer to Scenario 9.1. This scenario is an example of a ________ game
A) pure coordination B) chicken C) prisoner's dilemma D) battle of the sexes
Increases in the debt—GDP ratio are primarily caused by
A) a high growth rate of GDP. B) a high government deficit relative to GDP. C) increases in government borrowing through bonds. D) increases in interest rates.
In practice, it is usual to assume that, in explaining the impact of a change in interest rates ________
A) the substitution effects outweigh the income effects B) the income effect outweighs the substitution effect C) the income and substitution effects cancel out with one another D) the income effect increases the severity of the substitution effect
A multi-plant firm has three plants and, at its current production levels, the marginal cost of production at each of the three plants is $2. If the firm is perfectly competitive and the market price of its product is $6, which of the following is true?
A) The firm should decrease output at each of the plants to maximize profit. B) The firm is producing the profit-maximizing total output. C) The firm should exactly triple output in each of the plants to maximize profit. D) The firm should increase output at each of the plants to maximize profit.