If a firm has a developed a list of clients who consistently purchase the firm's product, the firm would consider the list of clients to be which of the following?
A) a copyright B) a trade secret C) a trademark D) a patent
B) a trade secret
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XYZ Co operates in a competitive market. Its marginal product of labor is 1/L, and it takes the wage and price as given. Derive the firm's short-run demand for labor as a function of w and p. How much labor will the firm hire if w = 2 and p = 10?
What will be an ideal response?
Which of the following statements is TRUE about the relationship among external, internal and social costs?
A) Social costs will always be higher than external costs. B) Social costs will always be higher than internal costs. C) Internal costs will always be higher than external costs. D) Internal costs will never equal external costs.
Moral hazard occurs when
a. an employer closely monitors an employee. b. two people consider a trade with each other and one person has relevant information about some aspect of the product's quality that the other person lacks. c. an employee lacks an incentive to promote the best interests of the employer, and the employer cannot observe the actions of the employee. d. an employee closely monitors the actions of her employer.
In year 1 the CPI is 180, and in year 2 the CPI is 192. From year 1 to year 2, Javier's salary rises from $40,000 to $42,000, and Tom's salary rises from $55,000 to $57,000. Who is "more than keeping up with inflation"?
A) Javier B) Tom C) both Tom and Javier D) neither Tom nor Javier