An advantage of settling disputes via arbitration rather than court cases is that:
a. the risk of an incorrect decision in the former case is negligible.
b. the former is inexpensive and binding.
c. the former is more likely to grant a lenient decision.
d. the former may be more knowledgeable than an uninformed jury.
D
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Consider the market for peanut butter. If there is an increase in the price of bread (a complement for peanut butter) along with a drought in peanut growing areas, the
A) equilibrium quantity of bread increases. B) equilibrium quantity of peanut butter definitely decreases. C) equilibrium quantity of peanut butter might increase or might decrease. D) equilibrium price of peanut butter definitely rises. E) equilibrium price of peanut butter definitely falls.
The natural unemployment rate ________
A) is the same from year to year B) is greater than the actual rate of unemployment C) is the unemployment rate when there is no cyclical unemployment D) equals zero
A principle difference between the original Keynesian model and the new Keynesian model is that in the new version
A) the traditional assumptions of profit maximization is no longer included. B) monetary policy is impotent. C) wages and prices adjust slowly to market conditions. D) All of the above are correct.
Any asset that sellers will accept as payment is a(n)
A) medium of exchange. B) unit of accounting. C) store of value. D) standard of deferred payment.