Incentives are not likely to pose a problem:
A. if the interests of the employees and the employers are perfectly aligned.
B. if the interests of the employees and the employers conflict somewhat.
C. as long as employers can exploit the employees.
D. if the interests of the employees and the employers conflict.
Answer: A
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In the figure above, if the government starts to provide university education at no charge, in the long run, the wage rate of high-skilled workers will ________ and the wage rate of low-skilled workers will ________
A) rise; fall B) fall; rise C) fall; fall D) rise; rise
Any output combination along a production possibilities frontier is associated with fully utilized resources
Indicate whether the statement is true or false
What is the benefit of understanding the income and the substitution effects?
A) The income effect might run in the opposite direction of the substitution effect. B) The income effect always runs in the opposite direction of the substitution effect. C) The income and substitution effects just offset each other, which explains a lot. D) The income and substitution effects are proportional to each other.
The presence of a learning curve may induce a decision maker in a startup firm to choose
A) low levels of output to exploit economies of scale. B) high levels of output to exploit economies of scale. C) low levels of output to shift the average cost curve down over time. D) high levels of output to shift the average cost curve down over time. E) to produce more than one output.