In a market system, a firm's employees are typically shielded from business risk by:
A. Profit-sharing agreements
B. Wage contracts
C. The Social Security program
D. Paid vacation leaves
Answer: B
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The Fed's policy is determined by the
A) Federal Open Market Committee. B) Executive Council to the Governor. C) Regional Federal Reserve Banks. D) Board of Governors. E) Federal Monetary Policy Committee.
The prisoners' dilemma is a tool of social analysis, and it shows why
A) individuals sometimes behave in ways inconsistent with their own best interest. B) judges sometimes hand down sentences heavier or lighter than the law recommends. C) people who break the law and are caught are behaving irrationally. D) people who break the law and are caught are behaving rationally. E) societies sometimes produce situations no member of the society wants.
Assume that Abby, Ben, Clara, Joe, and Matt are the only citizens in a community. A proposed public good has a total cost of $1,000. All five citizens will share an equal portion of this cost in taxes. The benefit of the public good is $220 to Abby, $210 to Ben, $210 to Clara, $180 to Joe, and $120 to Matt. In a majority vote, this proposal will most likely be
What will be an ideal response?
In the above table, the average product of the fifth worker is
A. 135. B. -5. C. 35. D. 27.