Which of the following is not a lower-cost benefit of an internal labor market?
A. Promoting only insiders to higher-level jobs
B. The cultivation of long-term employee motivation
C. Management's ability to learn about employees' best attributes
D. The development of firm-specific human capital
Answer: A
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The increase in the demand for widgets, shown in the figure above, is the result of an increase in income. Therefore, widgets
A) are a normal good. B) are an inferior good. C) are elastically demanded. D) are inelastically demanded.
The product life cycle model says that comparative advantage in manufactured goods may move from one country to another as a product becomes more standardized
Indicate whether the statement is true or false
Which of the following is a characteristic of an institution?
A) The institutions of a nation are permanent and cannot be changed over time. B) Institutions place constraints on the behavior of economic agents. C) Institutions are determined by individual opinions without considering the government's preference. D) Institutions have very little influence on a nation's economic prosperity.
Assume that you are in charge of an agrarian colony of an European nation. What are the different extractive policies which can be adopted to maximize the wealth of the home nation?
What will be an ideal response?