An implicit contract refers to:
a. an understanding that the employer will try to keep wages from falling when the economy is weak or the business is having trouble, and the employee will not expect huge salary increases when the economy or the business is strong.
b. an understanding that workers will produce more if they are paid more, and so the employers will often find it worthwhile to pay
their employees somewhat more than what market conditions might dictate.
c. an understanding that the employer will reduce wages when business conditions are poor.
d. a policy that states that those already working for firms are "insiders," while new employees, at least for a time, are "outsiders.".
a
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Suppose a new Dunkin' Donuts shop has opened in town. Its main competitor, Doughnut Delite, will likely
a. begin to produce more doughnuts. b. experience higher marginal costs. c. reduce its prices and production. d. make no changes in its pricing and production decisions.
Which function of money allows for specialization to take place?
A) medium of exchange B) unit of account C) store of value D) standard of deferred payment
The stock of money people hold to pay everyday predictable expenses is the:
a. transactions demand for holding money. b. precautionary demand for holding money. c. speculative demand for holding money. d. store of value demand for holding money.
Which of the following professionals is most likely to generate the income of a superstar?
a. the best teacher b. the best dentist c. the best guitar player d. the best airplane pilot