Specialized task assignment's greatest cost is ignoring the foregone ________ across tasks.
A. lower cross-training costs
B. complementarities
C. flexibility
D. comparative advantage
Answer: B
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What will be the principal and most immediate effect on the supply or demand of raw cotton grown in the United States if beef demand rises and ranchers are induced to reduce their flocks of sheep (for wool) in order to grow more cattle?
A) Decrease in demand. B) Decrease in supply. C) Increase in demand. D) Increase in supply
Refer to Figure 4.3. All else equal, an increase in the government's budget deficit accompanied by a decrease in corporate taxes would cause which of the following shifts?
A) S1 to S2 and D1 to D2 B) S2 to S1 and D1 to D2 C) S1 to S2 and D2 to D1 D) S2 to S1 and D2 to D1
Because incentive contracts result in more risk placed on the part of agents
a. the average level of compensation typically falls b. the average level of compensation typically rises c. compensation is unaffected d. employers want employees to insure against wild compensation swings
The "Buy American" provision in the 2009 stimulus package required that stimulus money be spent only on U.S.-made goods, effectively acting as a quota of zero imports when stimulus money was being spent. In the market for steel, the "Buy American"
provision would ________ the price of steel in the United States and ________ the quantity of steel demanded in the United States. A) increase; increase B) increase; decrease C) decrease; increase D) decrease; decrease