For small armies, a volunteer army would be less costly
a. True b. False
a
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Marginal cost can be expressed as the ration of the price of labor and the Marginal Product of Labor
a. only when labor is held constant. b. only when labor is the only variable input. c. wether labor is held constant or not. d. never.
The price elasticity of supply is a measure of the extent to which the quantity supplied of a good changes when the
A) cost of producing the product increases. B) quantity of the good demanded increases. C) supply increases. D) price changes. E) number of firms supplying the good changes.
The functional form of corporate organization
a. organizes employees along the functions or tasks that they perform b. organizes employees along the customer types that they serve c. organizes employees along individual projects that arise d. organizes employees into softball teams
Insurers try to minimize moral hazard by
a. only selling policies to individuals with high ethical standards. b. requiring advance payments of premiums. c. charging higher premiums to individuals than to groups. d. charging deductibles and coinsurance. e. refusing to sell insurance to individuals with chronic illnesses.