contracts
What will be an ideal response?
legal document that creates an extended relationship between the buyer and the seller with specific terms
specialization, reduces opportunism, avoids skimping, but costly
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People increase their labor supply in response to a temporary increase in government purchases because
A) current or future taxes will increase, making them financially worse off. B) they need to work more to keep up with their neighbors. C) interest rates will rise, causing a substitution effect. D) higher spending today will lead to higher spending in the future, as well.
What explains the rise in income in the U.S. between 1900 and 2013?
A) business cycles B) inflation C) recessions D) depressions E) none of the above
The highest measured rate of unemployment in the United States occurred during
A) the post-WWII years. B) the Panic of 1893. C) the Carter administration. D) the Great Depression.
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.