Employment contracts that stipulate workers' wages, usually for a period of 1 to 3 years, are known as
A. implicit contracts.
B. social contracts.
C. explicit contracts.
D. none of the above.
Answer: C
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A professional baseball game is
a. rival and exclusive, and therefore is a public good b. rival and exclusive, and therefore is a private good c. exclusive, but since it is nonrival, it is a public good d. nonrival and nonexclusive, and therefore is a public good e. nonrival and nonexclusive, and therefore is a private good
The World View article titled "The Education Gap between Rich and Poor Nations" says that 85 percent of all Americans graduate from high school. This is an example of
A. The inequitable distribution of income. B. Investment in human capital. C. Capital-intensive production. D. A negative externality.
If a hurricane were to wipe out the majority of the eastern seaboard in the United States, it would likely cause a:
A. short-run supply shock. B. long-run supply shock. C. long-run demand shock. D. short-run demand shock.
The merger of Southwest Bell (SBC) and AT&T companies is an example of a
A. cooperative merger. B. vertical merger. C. consolidation merger. D. horizontal merger.