The set of skills, knowledge, and personal attributes possessed by a superior performer are known as
a. clusters
b. mindsets
c. competencies
d. components
Answer: c. competencies
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Which of the following is false?
a. Product liability laws can make it unprofitable to sell shoddy merchandise, providing a substantial incentive to provide safe products independent of government regulations. b. Asymmetric information exists when the available information is initially distributed in favor of one party to a transaction relative to another. c. In adverse selection situations, it is rational for a seller with more information about a product to provide a truthful and complete disclosure and make that fact known to a potential buyer. d. Moral hazard arises in part from the fact that it is costly for an insurer to monitor the behaviors of the insured party.
Friedman argued that the Fed could use monetary policy to peg
a. nominal exchange rates. b. the level of real GDP. c. the rate of unemployment. d. None of the above is correct.
When demand decreases, the demand curve shifts
A. on its axis, becoming flatter. B. upward and to the right. C. downward and to the left. D. on its axis, becoming more vertical.
Which of the following will occur as a result of a tax increase?
A) private saving increases B) investment increases C) the trade balance improves D) the trade balance worsens E) the budget deficit increases