The artist Pablo Picasso sketched a woman tourist and charged her a lot for just a few minutes work. By his response, this is an example of:
a. Overcharging
b. Getting paid for one's life experience, expertise
c. Agreement on the woman's part about "fair value"
d. Material resources
B
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During a recession, there is a(n) ________ the short-run Phillips curve, while during an expansion there is a(n) ________ the short-run Phillips curve
A) upward movement along; downward movement along B) movement closer to; movement further from C) downward movement along; upward movement along D) leftward shift of; rightward shift of E) rightward shift of; leftward shift of
A payoff matrix shows ________
A) the various combinations of inputs required to produce a good B) the return from each action that players can take in a game C) the different combinations of two goods that can be bought with a given income D) the payment made to each factor of production for the production of a good
An insurance company offering a high-deductible plan is an example of:
A. screening. B. signaling. C. statistical discrimination. D. building a reputation.
Scholarly estimates of the effects of immigration on the average American wage range from:
A. -5 to -2 percent. B. +2 to +3 percent. C. -5 to +3 percent. D. -3 to +2 percent.