One reason dressing well for a job interview may not be an effective signal is
A. a person who has successfully completed a job-training program might be unable to afford a new suit.
B. buying a suit takes time away from studying.
C. people who are more serious about getting a job will make the investment in a new suit.
D. it is costly for a person less interested in the job to buy a new suit.
Answer: A
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Suppose transactions costs are created by a principal-agent problem. If the objective is economic efficiency, who should be made liable for damages resulting from the interaction of the principal and the agent?
a. The principal should be liable for all damages. b. The agent should be liable for all damages. c. Liability for damages should be equally split between the principal and the agent. d. The assignment of liability is irrelevant according to the Coase Theorem.
When the price of oranges increases from $4 to $6 per bag, the quantity demanded of oranges decreases from 800 bags to 700 bags. The price elasticity of demand over this price range is equal to
A) 3. B) 3/7 or 0.4286. C) 1/3 or 0.3333. D) 1/4 or 0.25.
Adam Smith
a. and David Ricardo both opposed free trade b. opposed free trade, but David Ricardo supported it c. supported free trade, but David Ricardo opposed it d. and David Ricardo both supported free trade
Refer to the above figure. Which one of the following statements is TRUE with regard to the economy depicted in the graph?
A. The total amount of resources it takes to produce 20 bales of wool and 500 loaves of bread is more than the amount of resources needed to produce 50 bales of wool and 250 loaves of bread. B. The total amount of resources it takes to produce 20 bales of wool and 500 loaves of bread is the same as the amount of resources needed to produce 50 bales of wool and 250 loaves of bread. C. Point C cannot be produced. D. The best production point is 500 loaves of bread and 50 bales of wool.