Scarcity implies that people must
A) be irrational.
B) be selfish.
C) make choices.
D) not be selfish.
Answer: C
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The fact that employees often take longer lunch breaks than they are supposed to is an example of
a. the principal-agent problem. b. moral hazard. c. adverse selection. d. a golden parachute.
Everything else unchanged, following an adverse shift in the labor demand curve, ________
A) the increase in employment will be greater if there is downward wage rigidity B) the fall in employment will be greater if there is no wage rigidity C) the increase in employment will be greater if there is no wage rigidity D) the fall in employment will be greater if there is downward wage rigidity
Disadvantages of experiments include the fact that:
A. decisions made in the laboratory replicate those made in the real world. B. laboratory experiments introduce influences on decision making that are difficult to measure or control. C. the number of subjects is typically so large, that it is difficult to apply the results to economic behavior in the population. D. decisions made in the laboratory replicate those made in the real world and the number of subjects is typically so large, that it is difficult to apply the results to economic behavior in the population.
Briefly explain how the tax system can stabilize the economy.
What will be an ideal response?