The O-ring theory places emphasis on
a. education of the labor force.
b. skill complementarities.
c. purchases of machinery and equipment by firms.
d. none of the above.
B
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In 1930, the U.S. government attempted to help domestic firms that were harmed by the Great Depression by passing the Smoot-Hawley Tariff. In response to this tariff, other countries ________ and international trade ________
A) lowered their tariffs; thrived B) raised their tariffs; collapsed C) doubled their tariffs; became unrestricted D) eliminated tariffs; began to grow outside of the United States
If individuals decide to save more for retirement,
A) the supply of loanable funds will shift rightward. B) the supply of loanable funds will shift leftward. C) the demand for loanable funds will shift rightward. D) the demand for loanable funds will shift leftward. E) an excess supply of loanable funds emerges and persists.
Expectation damages: a. leave the parties no worse off than was anticipated under the contract
b. are designed to elicit efficient precaution and efficient reliance on promises. c. are readily awarded by the courts d. a through c e. a and c only
Figure 4-8
Women today are having more babies than women did fifteen years ago. The result is that mothers today have trouble finding baby-sitters and are shocked at what they must pay for child care. Which graph in Figure 4-8 best illustrates how the situation has changed?
a.
1
b.
2
c.
3
d.
4