Which of the following is NOT a type of specialized investment?
A. Physical-asset specificity
B. Site specificity
C. Human capital
D. All of the statements associated with this question are types of specialized investments.
Answer: D
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Subsidies ________ the price paid by the buyer and ________ the price received by the seller
A) increase, increase B) increase, decrease C) decrease, increase D) decrease, decrease E) do not change; increase
Any attempt to capture a consumer surplus, a producer surplus, or an economic profit is called
A) profit-maximizing. B) rent-seeking. C) price discriminating. D) efficiency gain.
Those who oppose minimum wage legislation argue that:
A. setting a wage above the market-clearing equilibrium creates unemployment. B. it should be set below the market-clearing equilibrium. C. workers deserve a basic standard of living. D. the way to get an efficient labor market is for government intervention.
The towns of Jekyll and Hyde each have a labor force of 2,000 people. In Jekyll, 500 people were unemployed for the entire year, while the rest of the labor force was employed continuously. In Hyde, every member of the labor force was unemployed for three months and was employed for nine months. The average duration of unemployment spells over the year was ________ months in Jekyll and ________ months in Hyde.
A. 3; 9 B. 12; 3 C. 3; 3 D. 12; 9