Underemployment occurs when:
a. a firm hires fewer than the required number of workers, to save costs
b. a firm hires workers who do not possess the required skills that the job demands.
c. a worker is over qualified and possesses more skills than what his job demands.
d. a firm hires more than the required number of workers.
c
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Bonzo is in business for himself making and selling Easter baskets. His daily cost for wicker is $100 and his daily revenue is $120. Bonzo quit his job at the Basket Weaving factory where he earned $15 a day, to enter the Easter basket business. Given this information, we know that his accounting profit
a. is $120 and his economic profit is $105. b. and economic profit are both $20. c. is $20 and his economic profit is $5. d. and economic profit are both $5.
Which of the following statements is most accurate about the market for call loans:
a. During the 1920s, the supply of loans increased more than the demand. b. During the 1920s, credit was being pulled into the stock market by the rising interest rates on call loans. c. An increased willingness of banks to supply call loans was the decisive factor in causing the bull market. d. The interest rates on call loans decreased significantly during the 1920s.
Resale price maintenance prevents retailers from competing on price
a. True b. False Indicate whether the statement is true or false
One result of adverse selection in the market for used cars is:
A. more lemons (low quality) may be offered for sale than plums (high quality). B. more plums (high quality) may be offered for sale than lemons (low quality). C. few lemons (low quality) are sold. D. no used cars are sold.