Legislation that benefits many individuals at the expense of a few is a natural outcome of representative democracy
a. True
b. False
B
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When a market is monopolistically competitive, the typical firm in the market is likely to experience a
a. positive profit in the short run and in the long run. b. positive or negative profit in the short run and a zero profit in the long run. c. zero profit in the short run and a positive or negative profit in the long run. d. zero profit in the short run and in the long run.
Accounting profit is equal to:
A. explicit revenue minus explicit measurable costs. B. implicit and explicit revenues minus implicit costs. C. explicit revenue minus implicit and explicit costs. D. implicit revenue minus implicit costs.
Suppose the currency price of the U.S. dollar in terms of the Japanese yen starts to fall. To prevent that from occurring, the U.S. central bank should
A) use U.S. dollars to buy Japanese goods. B) use yen reserves to buy U.S. dollars in the foreign exchange market. C) sell U.S. dollars in the foreign exchange market in exchange for yen. D) buy both U.S. dollars and yen in the foreign exchange market.
Why, in the labor market, are contracts often designed to include a variable salary component that is tied to some measure of performance?
A. Firms use such contracts to differentiate between high- and low-quality workers. B. Such contracts are considered the fairest to employees under fair labor standard laws. C. Most people are risk-averse and thus variability in their compensation leads to higher total utility. D. These contracts tend to attract employees with the lowest probability of switching jobs.