When competition is present and property rights secure, people will be encouraged to
What will be an ideal response?
provide others with things that they value in exchange for income
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What two factors should you equate in deciding how many workers to employ?
A) The marginal product of labor and the marginal product of capital B) The marginal product of labor and the real wage rate C) The marginal product of labor and the real interest rate D) The marginal product of capital and the real wage rate
Joe's income is $500, the price of food (F) is $2 per unit, and the price of shelter (S) is $100. Which of the following represents his budget constraint?
A) 500 = 2F + 100S B) F = 250 - 50S C) S = 5 - .02F D) All of the above
Wearing a suit to a job interview is an example of a:
A. positive signal. B. negative signal. C. positive screen. D. negative screen.
In the nonstrategic view of bargaining
a. The first-mover usually gains more b. The second-mover usually gains more c. The third-mover usually gains more d. The outcome depends on which mover can commit to a strategy