Which of the following is an example of nonlabor income?
A. wages
B. inheritance
C. a month-pay bonus
D. proprietors' income
Answer: B
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A tit for tat strategy, players __________
a. Never strikes first b. Responds immediately to cheating c. Limits the punishment to only one period d. All of the above
When someone contracts to do a task but fails to put full effort into the performance of an agreement, yet the lack of effort is not independently verifiable, this lack of effort constitutes a
a. breach of contractual obligations b. denial of good guarantee c. loss of reputation d. moral hazard
The HeckscherOhlin model assumes that production techniques within a nation use the factors of production:
a. at different intensities depending on changing technology and which nation you are discussing. b. at different intensities for each industry, so that one is more or less intensive in that factor than the other. c. at the same intensity for each industry—for example, the ratio of capital to labor is the same for every industry in the nation. d. in no definite pattern.
Exhibit 4-6 Demand and supply curves
If the market demand and supply curves shift as given in Exhibit 4-6, the resulting new equilibrium will show a(n):
A. increase in market price and a decrease in the quantity exchanged. B. decrease in market price and a decrease in the quantity exchanged. C. increase in market price and an increase in the quantity exchanged. D. decrease in market price and an increase in the quantity exchanged.