In the early 2000s, Chinese officials indicted members of a forgery syndicate that sold several hundred diplomas to high school graduates who needed the diplomas to take employment tests. This situation, where having the certificate of knowledge is more important than the knowledge itself, is known as:
A. the brain drain.
B. human capital.
C. certification.
D. credentialism.
Answer: D
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If the Palace Cinema can sell 200 tickets at $4 and 300 tickets at $3, the demand for Palace Cinema tickets between the two prices is
A) elastic. B) inelastic. C) marginal. D) unit elastic.
A change in price will lead to a change in __________ and to a change in __________, while a change in government subsidies will lead to a change in __________ and a change in the number of buyers will lead to a change in __________
A) quantity demanded; quantity supplied; supply; demand B) demand; quantity supplied; supply; quantity demanded C) quantity demanded; supply; quantity supplied; demand D) quantity supplied; quantity demanded; demand; supply E) quantity demanded; demand; quantity supplied; supply
Consider the city of Widgetapolis with only four residents, John, James, Mary, and Lydia. The four residents are trying to determine how many hours to spend in cleaning up the public lake. The table below shows each resident’s willingness to pay for each hour of cleaning. Refer to Table 11-6. Suppose the cost to clean the lake is $32 per hour and that the residents have agreed to split the cost of cleaning the lake equally. It would maximize Lydia's surplus if 6 hours of cleaning is done.
a. True
b. False
General Motors purchased Fischer Auto Body to produce bodies to place on a chassis. This transaction is best described as:
A. contract or vertical integration. B. spot exchange. C. vertical integration. D. contract.