The owner of Chez Zee needs to hire a new head chef and has posted an advertisement on various online job boards. The restaurant owner wants to reduce the amount of imperfect information he receives from job applicants. Which of the following would address this concern?
a. Requiring a resume and recommendations
b. Requiring a detailed job and personal history
c. Stipulating a trial period as a hiring condition
d. Offering the job with a renewable contract
a. Requiring a resume and recommendations
Requiring resumes and recommendations from applicants would reduce the amount of imperfect information.
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An advantage of imposing a tax on the producer that generates pollution is that
A) the government can keep tabs on exactly what is produced in an industry. B) it forces the polluting producer to internalize the external cost of the pollution. C) it will eliminate pollution. D) a producer can pass the cost of the pollution to consumers.
Refer to the payoff matrix below. If Best Lights and Bright Lights both know that they will play the game a finite number of times, but neither firm knows when the last period will be, there ________ an opportunity to earn higher profit because the managers ________ worry about punishment for cheating.
A) is; will not
B) is; will
C) is not; will
D) is not; will not
Which of the following makes a firm's resources hard to imitate?
a. Do not use resources that flow from the firm's unique history b. Keep the link between resources and advantage simple c. Resources emanate from a socially complex organizational structure d. All of the above
Which of the following best describes the traditional political use of tariffs?
a. protection of borders b. protection of military secrets c. protection of exchange rates d. protection of vested economic interests