An automatic increase in a wage rate found in some contracts is known as a
A. charge for living amendment.
B. cost of labor arrangement.
C. change of labor agreement.
D. cost of living adjustment.
Answer: D
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A professional basketball franchise is trying to assemble a parcel of land to build an arena. There are 25 houses on the land the franchise needs. In this case,
A) eminent domain can reduce transactions costs and make a pie-increasing arena possible. B) eminent domain can reduce the likelihood of holdouts and make a pie-increasing arena possible. C) eminent domain is not called for as the land can probably be acquired more efficiently through bargaining. D) Both A and B are correct.
Individuals, firms, and societies are limited in the amount of goods and services that they can produce. This is a direct result of:
A. unemployment. B. waste. C. irrational behavior. D. scarcity.
The entry of firms into a perfectly competitive industry causes the supply curve to
A. increase its slope. B. decrease its slope. C. move toward the right. D. move toward the left.
market supply schedule
What will be an ideal response?