One way of alleviating opportunism is:
A. contracts in complex contracting environments.
B. spot exchange.
C. dedicated assets.
D. vertical integration.
Answer: D
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Which of the following will cause the demand curve for beer to shift right?
A) a fall in the price of beer B) a fall in average incomes of beer consumers C) a decline in population D) a successful advertising campaign linking beer consumption to lower cholesterol
The CPI: a. includes fewer goods and services than the GDP deflator
b. generally rises substantially slower than the GDP deflator during inflationary conditions. c. ignores imported goods purchased by consumers. d. is the broadest generally reported measure of inflation.
Suppose that the price elasticity of demand for a product is ?1 and that the price elasticity of supply is +1 . Assume also that the income elasticity of demand is +2 . Then an increase in income of 10% will raise equilibrium price by
a. 10%. b. 5%. c. 20%. d. an annual amount that cannot be determined.
Which of the following markets is closely related to macroeconomics?
a. Cattle futures market. b. Fulton's fish market. c. Skilled labor market. d. Nation's unemployment rate.