Economists refer to expenditures on training, education, and skill development designed to increase the productivity of an individual as:
a. overhead expenditures
b. investments in human capital.
c. marginal revenue product.
d. investments in social capital.
b
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The minimum wage is an example of a price ceiling
Indicate whether the statement is true or false
The practice of firms temporarily reducing prices in order to eliminate competition is called:
A. competitive pricing. B. predatory pricing. C. discount pricing. D. strategic pricing.
The result of the Interstate Bakeries and Continental Bakery case was that the firms were:
A. allowed to merge only if one of the firms sold off some of its divisions. B. blocked from merging because a merger would have created a monopoly in some locations. C. fined substantial amounts for engaging in a trust. D. forced to split up into several smaller firms.
Recall the Application about how having car insurance affects driving behavior to answer the following question(s).Recall the Application. The idea that an insured driver, who bears less than the full cost of a collision, will drive less carefully than an uninsured driver is an example of:
A. asymmetric information. B. adverse selection. C. moral hazard. D. a thin market.