A vertical demand curve has an elasticity of demand equal to zero.
Answer the following statement true (T) or false (F)
True
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Which is NOT an example of moral hazard
a. people eat more at all-you-can-eat buffets b. loggers clear-cut a tract of land rather than when paying per tree felled c. Drivers of heavier, safer cares are more likely to run stop signs d. workers paid an hourly wage work harder than those on commission
Human capital is generally acquired through:
A. education, training and experience of workers. B. training, but not academic education. C. job experience, but not training workshops because they are generally specific to certain job types. D. occupational workshops only,because this is where workers attain job focused skills.
A busy coffee shop hires an additional barista, enabling them to serve customers nearly twice as fast. The shop responds by hiring two more baristas. After this second round of hiring, the cost of serving each customer increases. What might explain this rise?
a. Diminishing returns of labor have set in. b. The company is experiencing economies of scale. c. Fixed costs are being spread over larger output. d. Total revenues have surpassed accounting costs.
When the relationship between two variables changes,
A. The curve becomes linear. B. The entire curve shifts. C. There is movement from one point on the curve to another point on the curve. D. All of the choices are correct.