A travel agency enters into a contract with a hotel chain which gives it priority access to 25 percent of its rooms in major tourist destinations throughout the year. The contract encourages the hotel chain to increase the number of rooms in each of these hotels. The investment made by the hotel chain corresponds to which of the following aspects of specificity?
a. Task specificity
b. Locational specificity
c. Dedicated specificity
d. Human specificity
C
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As the U.S. exchange rate ________, the price of U.S. imports increases and the quantity supplied of dollars ________
A) falls; does not change B) falls; decreases C) rises; increases D) rises; decreases E) falls; increases
Real GDP is another term for
a. current dollar GDP. b. actual GDP. c. constant dollar GDP. d. tangible GDP.
When the economy turns down and the incomes of many people decrease, vacationers are more likely to take car trips than to fly. Which of the following provides one possible explanation for this phenomenon?
A. Air travel and travel by car are complementary goods. B. Air travel and travel by car are both normal goods. C. Air travel is a normal good and travel by car is an inferior good. D. Air travel is an inferior good and travel by car is a normal good.
For this question, assume that the there exists uncertainty about the impact of monetary policy on the macroeconomy. Given this information, it would be most appropriate for the central bank to increase money growth
A) at the midpoint of a recession. B) by more than the increase that will yield the desired response. C) by less than the increase that will yield the desired response. D) by an amount equal to the increase that will yield the desired response. E) only after it is certain that the economy has entered a recession.