When a firm focuses on hiring only for entry-level jobs and tends to promote from within the firm, then the firm is said to
A. use compensating differentials.
B. hire based on human capital.
C. use the benchmark competitive labor market.
D. have an internal labor market.
Answer: D
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If an Engel curve has a negative slope,
A) the good is inferior. B) the good is normal. C) the good has no substitutes. D) the good has no complements.
In economic analysis, air pollution, water pollution, and scenery destruction are considered to be
A) externalities. B) internalities. C) private costs. D) marginal benefits.
Demand functions are "homogeneous of degree zero in all prices and income." This means:
a. a proportional increase in all prices and income will leave quantities demanded unchanged. b. a doubling of all prices will not alter consumption decisions. c. prices directly enter individuals' utility functions. d. an increase in income will cause all quantities demanded to increase proportionately.
Price ceilings are primarily targeted to help __________, while price floors generally benefit __________
a. producers; no one b. increase tax revenue for governments; producers c. increase tax revenue for governments; consumers d. producers; consumers e. consumers; producers