A potential employee that dresses well for an interview is attempting to reduce asymmetric information by
A. looking more intelligent.
B. signaling their type.
C. mandating that information be shared.
D. showing moral character.
Answer: B
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In the above figure, income is $8, the price of a soft drink is $1, and the initial price of a milkshake is $2. If the price of a milkshake decreases to $1, the income effect is the movement from point ________ to point ________
A) a; b B) b; d C) b; c D) a; c
USX, a steel company, reduced the number of man-hours required to produce a ton of steel from 10.8 in 1982 to 3.8 in 1990, thereby eliminating 55,000 jobs. Technically, this rise in productivity means the
a. marginal product of labor increased. b. average product of labor increased. c. average product of capital fell. d. marginal product of capital fell.
The MFC curve increases for a monopsonist because:
A. as more workers are hired, all workers receive higher wages. B. output price rises as a firm's market power increases. C. hiring more workers does not affect wages. D. the later workers hired are less productive.
Identifying the effect of an increase in the money supply on prices requires the use of:
A. subjective economics. B. the art of economics. C. positive economics. D. normative economics.