Countries that increase their rates of production and growth by educating their workers are investing in ______.
a. a natural resource
b. physical capital
c. technology
d. human capital
d. human capital
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A potential problem arises in principal-agent relationships
a. because the agents and the principals have identical goals b. because the principals may want to minimize his profits, while the agent may want to maximize them c. because the agents may have different goals from the principals d. the goals of principals and agents are irrelevant
Predatory pricing occurs when a firm
a. exercises its oligopoly power by raising its price through the formation of a cartel. b. exercises its monopoly power by raising its price. c. cuts its prices in order make itself more competitive. d. cuts its prices temporarily in order to drive out any competition.
The model of perfect competition and the model of monopolistic competition differ in that
A) perfect competition assumes many buyers and sellers while monopolistic competition assumes many buyers but few sellers. B) perfect competition assumes easy entry of new firms while there are more significant barriers to entry in monopolistic competition. C) perfect competition assumes firms make zero profits in the long run and monopolistic competition assumes firms make positive profits. D) perfect competition assumes the product is homogeneous and monopolistic competition assumes the product is differentiated.
Which of the following results in a positive externality?
A) Visiting a beach B) Recycling of waste C) Buying a room heater D) Following a healthy lifestyle