If Bob promises to pay Susan $10,000 once Bob receives the royalties from a book if Susan will edit it for him,
A. a copyright is necessary.
B. a contract is necessary.
C. a trademark is necessary.
D. no contract is necessary.
Answer: B
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One guideline that should be used whenever possible in developing a model is to
a. keep the model as simple as possible b. make the model as complex as possible so that it will be more accurate than other models c. rely on as many assumptions as possible d. not be concerned about including unnecessary details e. make certain that the model is an accurate, complete depiction of reality
The more inelastic the demand for a product, the more likely that the actual benefit of a subsidy granted on the product will
a. go to sellers. b. go to buyers. c. go equally to both buyers and sellers. d. do none of the above.
Economists generally believe that tax credits and deductions that are used to create an incentive for individuals to go to college
A. cause no more people to go to college, amounting to a special break for people who would have gone to college anyway. B. cause a few more people to go to college, working somewhat as was intended. C. perversely cause fewer people to go to college. D. cause dramatically more people to go to college, working precisely as was intended.
The more differentiated the products produced by oligopolists, the more their behavior will resemble that of the monopolist.
Answer the following statement true (T) or false (F)