__________ is the set of characteristics, skills and knowledge that distinguishes certain people from novices and less experienced people
a. Expertise
b. Imagineering
c. Performance
d. A value chain
A
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Lauren runs a chili restaurant in San Francisco. Her total revenue last year was $110,000. The rent on her restaurant was $48,000, her labor costs were $42,000, and her materials, food and other variable costs were $20,000
Lauren could have worked as a biologist and earned $50,000 per year. An economist calculates her implicit costs as A) $150,000. B) $63,000. C) $50,000. D) $110,000. E) $0 because Lauren did not work as a biologist.
Social returns to education are likely to be highest at the
a. primary level in mid-income countries b. secondary level in low-income countries c. tertiary level in high-income countries d. primary level in low-income countries
The state of Massachusetts requires all citizens to purchase medical insurance or face a monetary penalty when filing their taxes. The penalty is significantly less than the average annual insurance premium. Moreover, the state requires insurance companies to issue policies to anyone who applies, regardless of their health at the time of application. Which of the following examples describes the
inherent adverse selection problem? a. Tricia purchases an insurance policy through her employer and visits her doctor for annual check-ups. b. Sue purchases insurance only after learning that she has cancer. c. Mike pays the penalty rather than purchasing insurance because it is cheaper for him than paying insurance premiums and he is generally in good health. d. Both b and c are correct.
Monopolistic competitors have some control over the price of their products.
Answer the following statement true (T) or false (F)