In the context of labor markets, shirking refers to:
A. the nonmonetary disadvantages of certain jobs.
B. the neglecting or evading of work.
C. the elimination of monitoring costs.
D. any scheme where pay is directly related to worker output.
Answer: B
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Recent trends toward trade restrictions have been to _____.
(A) Increase trade barriers. (B) Lower only those trade barriers related to technology. (C) Shield a country's automobile industry. (D) Decrease trade barriers.
The neighborhood ice cream shop finds that when it charges $3 per ice cream cone, its total revenues are $90,000 . It has total variable costs of $30,000 and total fixed costs of $40,000 . From this we can infer the:
a. shop should be moved because the rent is too high. b. price is less than average total cost. c. economic profits are $20,000. d. shop will be closed in the long run. e. shop sells 10,000 ice cream cones.