Requiring that applicants get drug tested is an example of:
A. signaling.
B. screening.
C. statistical discrimination.
D. building a reputation.
B. screening.
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A firm is operating in its range of economies of scale and is on both its LRAC curve and its short-run ATC curve. At that level of output, the slope of its LRAC curve is
A) zero and the slope of its ATC curve is zero. B) zero and the slope of its ATC curve is negative. C) negative and the slope of its ATC curve is zero. D) negative and the slope of its ATC curve is negative.
Which of the following statements best demonstrates the constraints under which individual consumers and society as a whole operate?
a. Only the individual opportunity set (or budget constraint) demonstrates the constraints under which individual consumers and society as a whole operate. b. Only the social production possibilities frontier demonstrates the constraints under which individual consumers and society as a whole operate. c. Neither the individual opportunity set (budget constraint) nor the social production possibilities frontier demonstrates the constraints under which individual consumers and society as a whole operate. d. Both the individual’s opportunity set (and budget constraint) and the social production possibilities frontier show the constraints under which individual consumers and society as a whole operate.
Which of the following quotations illustrates the Tragedy of the Commons?
a. "A bird in the hand is worth two in the bush.". b. "The only difference between the rich and other people is that the rich have more money.". c. "What is common to many is taken least care of, for all men have greater regard for what is their own than for what they possess in common with others.". d. "Anyone who is not a socialist before he is 30 has no heart; anyone who is still a socialist after he is 30 has no head.".
How do consumers react to a tax on an item with few or no substitutes?
a. They stop consuming the product. b. They consume a bit less. c. They consume considerably less. d. They consume a bit more.