Which of the following examples can be associated with the task specificity aspect of an asset?
a. An employer's investment in employee skill building.
b. Purchasing machines which can be used to produce only a particular product.
c. Building a facility in a low cost locality.
d. An employer's investment in office renovation.
B
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Milton Friedman and Edmund Phelps questioned
A) the use of expectations in the Phillips curve. B) the stability of the relationship between inflation and unemployment. C) the existence of a natural rate of unemployment. D) the existence of a full-employment level of output.
In the above table, if the marginal revenue product is $14, how many workers will the profit maximizing monopsonist hire?
A) 2 B) 3 C) 4 D) 5
Which of the following would not be considered a negative externality?
a. loud rap music at 2 a.m. in the apartment next door to you b. traffic congestion c. an Alaskan oil spill d. measles vaccinations e. air pollution
Related to the Economics in Practice on p. 67: Consumption of quinoa has been on the rise. Many people put quinoa in their yogurt, which would make yogurt and quinoa ________, and therefore a decrease in the price of yogurt should ________ the demand for quinoa, ceteris paribus.
A. substitutes; decrease B. complements; decrease C. complements; increase D. substitutes; increase