Employment of labor in a country other than the firm's home country is called
A) employing guest workers.
B) outsourcing.
C) employing non-naturalized workers.
D) employing illegal aliens.
Answer: B
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When it is cheaper for one firm to produce a number of different commodities together than it is for a group of small firms to produce those commodities, ____ exist(s).
A. economies of scale B. economies of scope C. diminishing marginal returns D. marginal cost pricing
"Trust busting," including the prosecution of the American Tobacco Company and Standard Oil, was a high priority of _________'s administration
a. Franklin Roosevelt b. Ulysses S. Grant c. James Garfield d. Theodore Roosevelt
The presence of adverse selection:
A. reduces the efficiency of markets. B. increases the efficiency of markets. C. does not affect the efficiency of markets. D. makes the buyer less efficient and the seller more efficient.
A “backstop resource” is a close substitute for a depletable resource that is available in almost unlimited supply but at a higher cost. Shale oil is a backstop resource for crude oil. Which of the following statements is correct?
A. The production of shale oil is likely to increase over time even if crude oil is still available. B. Shale oil is unlikely to be produced until all the crude oil has been depleted. C. The existence of shale oil as a backstop resource will discourage firms from seeking new reserves of crude oil. D. In the future, shale oil is likely to be produced at the same time as crude oil and to sell for a lower price.