Which of the following makes a firm's resources hard to imitate?
a. They don't flow from the firm's unique history
b. The link between resources and advantages is difficult to discern
c. They aren't socially complex
d. All of the above
b
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If other things are constant, the longer the average unemployed worker searches before accepting a job
A) the lower will be the measured unemployment rate. B) the higher will be the measured unemployment rate. C) the lower will be the natural unemployment rate. D) none of the above.
The North American Free Trade Agreement (NAFTA) is an example of a(n)
A. customs union. B. free-trade area. C. common market. D. economic union.
Consider two individuals, Celia and Sondra, who produce bracelets and pendants. Celia's and Sondra's hourly productivity are as follows:?Bracelets /hourPendants /hourCelia41Sondra102Who has the absolute advantage or comparative advantage in the production of bracelets or pendants?
What will be an ideal response?
Sam is suing someone in court for $10,000. The probability that Sam will lose the case is 1/h where h is the number of hours that Sam's attorney works on the case. The lawyer charges $500 per hour if he is to be paid hourly, or he requests 20% of the settlement if he is to be paid on a contingency basis. Assuming both Sam and the attorney are risk-neutral wealth maximizers, is either contract
efficient? What will be an ideal response?