Deflation:
a. is often a result of increases in the money supply.
b. is good for borrowers, but bad for lenders.
c. is good for lenders, but bad for borrowers.
d. cannot occur under a bimetallic standard.
c. is good for lenders, but bad for borrowers.
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The maximum price that a consumer is willing to pay for each unit bought is the ________ price
A) market B) reservation C) consumer surplus D) auction E) choke
The practice of imposing import restrictions to protect a newly developing domestic economy typically results in:
a. a rapid improvement in the standard of living. b. expanded trade relations with other nations. c. lower prices of domestic products. d. allocation of resources away from the primary products. e. greater cost efficiency in domestic production.
Collective bargaining
A. is illegal in the U.S. B. is solely a test of power. C. takes place only after a strike is settled. D. is the main arena in the power struggle between labor and management.
Relationship-specific exchange:
A. occurs because of specialized investments. B. reduces worker shirking. C. makes firms use spot markets. D. is a consequence of profit sharing.