Screening is when someone takes action to:
A. find out the opportunity cost of acquiring more information.
B. reveal private information about someone else.
C. reveal one's own private information.
D. None of these statements is true.
Answer: B
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If restrictions on entry and exit of firms are introduced in free markets, ________
A) all existing firms earn equal profits in the long run B) existing firms incur equal losses in the long run C) the market allocates resources efficiently D) resources in the market are not allocated efficiently
The Solow model emphasizes the role of which of the following factors of production?
A) land B) labor C) capital D) natural resources
A bagel shop sells fresh baked bagels from 5 a.m. until 7 p.m. every day. The shop does not sell day-old bagels, so all unsold bagels are thrown away at 7 p.m. each day. The cost of making and selling a dozen bagels is $1.00; there are no costs associated with throwing bagels away. If the manager has 8 dozen bagels left at 6:30 p.m. on a particular day, which of the following alternatives is most
attractive? a. Lower the price of the remaining bagels, even if the price falls below $1.00 per dozen. b. Lower the price of the remaining bagels, but under no circumstances should the price fall below $1.00 per dozen. c. Throw the bagels away and produce 8 fewer dozen bagels tomorrow. d. Starting tomorrow, lower the price on all bagels so they will all be sold earlier in the day.
The number of people over age 16 in an economy willing and able to work, is known as the:
A. labor force. B. unemployment rate. C. employment force. D. labor force participation rate.