If parties to a contract can anticipate the court's decision in the event of a dispute with some degree of certainty:
a. opportunistic behavior will never be detected.
b. opportunistic behavior will be partially detected.
c. there will be less room for opportunism.
d. only one of the parties will be able to act opportunistically.
C
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The transcontinental railroads were completed in the 25 years
A. before the Civil War. B. after the Civil War. C. after 1890. D. after the 20th century began.
If the wage that a competitive firm must pay its workers exceeds their value of marginal product, the firm will
A) decrease the quantity of labor it employs. B) increase the quantity of labor it employs. C) lower the price of the good. D) raise the price of the good.
When a nation's real per capita Gross Domestic Product (GDP) increases, which of the following is TRUE?
A. Every individual in that nation shares in the economic gain. B. We don't know who has most benefited from economic growth unless we look at the distribution of income. C. A nation must channel most of the economic gains to its poorest citizens. D. Low income people are guaranteed to lose; they never share in their nation's economic gains.
If a U.S. firm produces cars in Mexico, that production should count towards
A) U.S. GNP. B) Mexico's GNP. C) U.S. GDP. D) It will not affect either U.S. GNP or U.S. GDP.