A method of allocating scarce resources is a necessary component of
a. all economic systems
b. all economic systems except market capitalism
c. centrally-planned socialism and market socialism only
d. centrally-planned capitalism and market capitalism only
e. all economic systems except centrally planned socialism
A
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The above table shows the total product of producing baseball hats. The marginal product of the 4th worker is equal to
A) 25 baseball hats. B) 21 baseball hats. C) 7 baseball hats. D) 6.25 baseball hats.
Under which one of the following conditions would a lawyer accept a case on a contingent basis?
A) The lawyer is risk averse. B) The client is risk loving. C) The lawyer has several cases on a contingent basis with payoffs that are not perfectly positively correlated. D) The lawyer is more risk averse than the client is.