The opportunity costs of land is largely determined by
A) need.
B) real estate agents.
C) demand.
D) government.
C
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An important feature of the DMP model is that
A) would-be workers care not just about the market wage, but about the chances of finding work. B) firms can fire workers. C) workers can choose to shirk on the job. D) firms maximize revenue.
Social insurance taxes and individual income taxes comprise more than 80 percent of federal revenues
a. True b. False
Human capital refers to the:
A. skills, experience, and natural talent that determine the productivity of workers. B. amount of people a firm has access to for production. C. production per capita. D. the machinery and tools that labor can use for production.
A good salesperson can sell $100,000 worth of goods, while a poor one can sell only $10,000 worth of goods. Job applicants know if they are good or bad, but the firm does not. A firm will offer job applicants a choice between a fixed salary of $2,000 or a commission on the sale. Assume risk-neutral salespersons and no opportunistic behavior. Given that the firm wants to distinguish a prospective
good salesperson from a poor one, what should be the commission on sales? A) Commission should be larger than 50%. B) Commission should be larger than 40%. C) Commission should be between 2% and 20%. D) Commission should be smaller than 2%.