Domestic law and order, the infrastructure, and the climate of international trade are all aspects of a country's:
A. natural resources endowment.
B. human resources investment.
C. capital investment.
D. political environment.
Answer: D
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The Herfindahl-Hirschman Index is the ________ of the percentage market share of each firm summed over the largest 50 firms in a market
A) sum B) square C) square root D) cube E) negative
The elasticity of demand for labor will be less the
A) longer the time period. B) easier it is to substitute one input for another. C) less the demand elasticity for the final product. D) larger the share of total costs accounted for by labor.
The relationship between aggregate expenditures and disposable income is shown by the: a. aggregate expenditures curve
b. consumption function. c. investment curve. d. saving-disposable personal income curve.
Management and a labor union are bargaining over how much of a $50 surplus to give to the union. The $50 is divisible up to one cent. The players have one shot to reach an agreement. Management has the ability to announce what it wants first, and then the labor union can accept or reject the offer. Both players get zero if the total amounts asked for exceed $50. Which of the following is NOT a Nash equilibrium?
A. Management requests $25 and the labor union accepts $25. B. Neither management requesting $50 and the labor union accepting $0 nor management requesting $30 and the labor union accepting $10 are Nash equilibria. C. Management requests $30 and the labor union accepts $10. D. Management requests $50 and the labor union accepts $0.