Labor market compensation contracts can be designed to screen out poor quality workers as well as provide employees with incentives to work hard.
Answer the following statement true (T) or false (F)
True
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Refer to Figure 7.1. Suppose that instead of $350, Angus earns only $250 by playing the bagpipes, but all other earnings remain the same. Who values the property rights to the air more?
A) Angus B) Dudley C) They value the property rights equally. D) Neither value the property rights.
It is possible to distinguish a monopoly from perfect competition by noting that only competitive firms can earn economic profits in the short run.
Answer the following statement true (T) or false (F)
A bank run involves a large flow of money
A. into bank depositors’ accounts. B. into checking and savings accounts. C. out of depositors’ accounts. D. out of individuals’ cash reserves into money market funds.
Table 1.3 shows the hypothetical trade-off between different combinations of brushes and combs that might be produced in a year with the limited capacity for Country X, ceteris paribus.Table 1.3Production Possibilities for Brushes and CombsCombinationNumber of combsOpportunity Cost(Foregone brushes)Number of brushesOpportunity Cost (Foregone combs)J4 0NAK3 10 L2 17 M1 21 N0NA23 On the basis of Table 1.3, in the production range of 2 to 3 combs the opportunity cost of producing 1 more comb in terms of brushes is
A. 3.33. B. 0.67. C. 0.14. D. 7.0.