What are the disadvantages of a standard form contract?
A standard-form contract like an insurance policy may be difficult to tailor to the particular situations of some people, who will either require costly special provisions or be forced to do without beneficial coverage.
You might also like to view...
A reserve currency is a currency that is:
a. used exclusively to settle domestic debts. b. specifically designed for use by commercial banks to settle accounts. c. held only by bureaucrats. d. used to settle international debts by private corporations. e. held by governments to facilitate foreign exchange market interventions.
If Mexico has foreign assets worth $100 billion and no liabilities, a 15% depreciation of the peso will result in a(n):
A) increase in liabilities at home by 100 billion pesos. B) decrease in assets at home by 150 billion pesos. C) decrease in overall wealth by 15%. D) increase in overall wealth.
Which of the following is an explicit cost?
a. The opportunity cost of an owner/entrepreneur's time invested in the firm. b. The opportunity cost of the money the business owner/entrepreneur has invested in the firm. c. The wages paid to workers. d. None of the above.
One seamstress can sew 2 dresses per day and two seamstresses can sew 5 dresses per day. If the marginal revenue product of hiring the second seamstress is $360, then in a competitive product market
a. there are decreasing returns to scale b. there are diminishing returns to labor c. each dress sells for $120 d. the seamstresses are earning zero economic profits in the short run e. marginal cost of production is $120