Explicit contracts generally stipulate workers' wages for a period of
A. 90 days.
B. no more than 1 year.
C. 3 to 5 years.
D. 1 to 3 years.
Answer: D
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The cross price elasticity of demand for a good x is the percentage change in the quantity demanded of good x in response to a given percentage change in
A) income. B) the price of good x. C) the price of good y. D) the quantity demanded of good y.
The existence of an externality is proof that there is a(n):
a. market failure. b. undervaluation of a good. c. undervaluation of a cost. d. property dispute. e. free-rider problem
Which nation's taxation is the highest percentage of the nations' GDP?
a. Australia b. United States c. Germany d. Netherlands e. Sweden
Refer to the above table. If the price is $3, the perfectly competitive firm should produce
A. 104 units. B. 105 units. C. 103 units. D. 102 units.