An informed party can use ________ to give information to an uninformed or lesser-informed party
A) signaling
B) screening
C) an individual mandate
D) market noise
A
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Because of increasing opportunity costs, the production possibilities frontier
A. is a straight downward-sloping line. B. at first rises, then falls eventually. C. can be either downward- or upward-sloping. D. is bowed out from (or concave to) the origin.
Refer to the scenario above. Jack and Jill will derive maximum utility if:
A) Jack tries to move the tree while Jill does not. B) Jill tries to move the tree while jack does not. C) both of them try to move the tree. D) neither of them tries to move the tree.
Which of the following best exemplifies the relationship between a capital good and a consumer good or service?
a. A smartphone and an earplug b. A brand new Dell computer and printer c. A Caterpillar earth-moving front loader and its operator d. A commercial baking oven and loaves of bread
Greater-than-normal profit represents
A. Explicit costs minus implicit costs. B. Below-average returns to capital. C. Payment for entrepreneurship. D. Exploitation of workers.