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In order to have a valid contract, in addition to the four basic requirements of a contract, must also occur? - Answer There must be an absence of invalidating conduct, like duress. What isn't always necessary for a valid contract to be formed? - Answer Writing When might a contract be unenforceable? - Answer If the statute of limitations has passed. Define Void, Voidable, Valid, and Unenforceable. - Answer Void - not an actual contract, is unenforceable Vo...

primary - Answer State constitutions are a (BLANK) source of law the U.S. Constitution - Answer the most important primary source of our law is: yes - Answer in our federal system, do all U.S. congressional laws (or federal statutes) apply to every state? federal statutes - Answer laws passed by Congress and normally signed into law by the president perform specific government functions - Answer administrative agencies are created to: The Uniform Comm...

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Big Microeconomic Ideas - Answer Incentives matter, good institutions align self-interest with the social interest, Trade-offs are everywhere, Thinking on the margin, and The power of trade. Incentives Matter - Answer People respond to incentives in predictable ways. Self-interest does not - Answer equal greed Good institutions align self-interest with the social construct - Answer Invisible hand. Individuals working for their own self-interest, often produce out...

In a ___________________ economy the government does not tell consumers and producers directly what they need to buy or produce, but they impose some limitations to guide production and to protect consumers and workers from unfair treatment. - Answer Mixed In a ___________________economy the three economic questions are answered by "What has always been done." - Answer Traditional Which of these is a negative unintended consequence from your decision to go out for the eve...

inferior good - Answer a good that consumers demand less of when their incomes increase normal good - Answer a good that consumers demand more of when their incomes increase necessary good - Answer demand for a good goes up by a lesser proportion than income luxury good - Answer good for which demand increases faster than income when income rises Law of Supply - Answer the claim that, other things equal, the quantity supplied of a good rises when the pri...

New Beginnings Consignment Clothing is a clothing store located in downtown Columbia that charges 10% lower prices for faculty, students, and veterans. This is an example of what? - Answer Third degree price discrimination Suppose that you are a monopolist who faces two markets with different demand curves. Market 1's demand curve is elastic and Market 2's demand curve is inelastic. How do you maximize profit? - Answer Charge a high price in Market 2 and a low price in Marke...

International Trade a) Only benefits wealthy countries b) Is driven by the property of absolute advantage c) Decreases the amount of collective human knowledge d) makes the size of overall economic pie bigger - Answer D) makes the size of the overall economic pie bigger Which of the following will not lead to an increase in demand for hair transplant surgery? a) Jason Statham and bruce willis star in blockbuster films as leading men b) there is a general increase in income, and m...

A free rider is someone who: - Answer enjoys the benefits of a public good without paying a share of the costs Advertising allows producers to give goods like radio broadcasts away for free (which is the _____ solution) while still being profitable. - Answer efficient If a good is nonrival, then: - Answer people are not prevented from using it by another's use of the good The slaughter of the open-range buffalo during the nineteenth century is an example of: - Answe...

Number of Firms in Oligopoly? - Answer A Few Sellers How do Oligopolies pick best price-output combo? - Answer Game Theory Are Oligopolies Price takers or makers? - Answer Price Makers Profit Max of Oligopoly? - Answer MR=MC Do Oligopolies have no, small, or large barriers to entry? - Answer Large, so few firms 5 barriers to entry - Answer Scale Economies, Switching Costs, Product Differentiation, Absolute Cost Advantage, Government Regulations ...

Incentives - Answer Are rewards and penalties that motivate behavior Opportunity Cost - Answer A choice is the value of the opportunities lost Inflation - Answer An increase in the general level of prices Absolute Advantage - Answer The ability to produce the same good using fewer inputs than another producer Comparative Advantage - Answer The ability to produce a good or service at a lower opportunity cost than another producer Demand Curve - Answer ...

Price Discrimination - Answer charging more than one price for the same product. (increase surplus as compared to simple monopoly) Is there Arbitrage? - Answer No. What is Elasticity equal to? - Answer Escape What happens when price discrimination increases output? - Answer The total surplus will increase. Tying - Answer Consumption of one good requires the consumption of a second good produced by same firm. (allows firms to price discriminate). Objec...

How is the burden of taxation and the benefit of subsidies divided between producers and consumers?a.Th - Answer the burden of taxation and the benefit of subsidies is determined by the relative elasticities of supply and demand. Which (if any) of the following statements are TRUE for both taxes and subsidies? I. Both create deadweight losses II. Both increase the welfare of consumers and producers. III. Both create a difference between the consumer's price paid and the producer...

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Culture - Answer Everything that people have (material possessions), think (ideas, values, attitudes) and do (expected patterns of behavior) as members of their society. Values - Answer what you believe in Attitudes - Answer reaction to certain objects Norms - Answer basic knowledge of what others do and think that they should do. Folkways - Answer the traditional behavior or way of life of a particular community or group of people. Mores - Answer ...

Tacit - Answer information that is intuitive and difficult to articulate or codify in writing Tacit - Answer -Can be gained through personal experience -Standard knowledge might be dispersed throughout the company Codified Knowledge - Answer Information that can be easily captured in the form of text, tables, or diagrams - Product specification, scientific formulas, and computer programs Strategic Commitments - Answer 1. Firm resources and capabilities 2. Co...

tacit knowledge - Answer is information that is intuitive and difficult to articulate or codify in writing. Codified Knowledge - Answer is information that can be easily captured in the form of text, tables, or diagrams. First Mover Advantages - Answer advantages accruing to the first to enter a market Pioneering Costs - Answer Costs an early entrant bears that later entrants avoid, such as the time and effort in learning the rules, failure due to ignorance, and ...

Exporting goal - Answer Increase market size and profits Exporting firms need to: - Answer Identify market opportunities Deal with foreign-exchange risk Navigate import and export financing Understand the challenges of doing business in a foreign market Improving export performance - Answer Market analytics, information opportunities, competition, culture, customer understanding. Assistance from countries and/or use of export management company. Export pitf...

Culture - Answer a system of values and norms that are shared among a group of people and that when taken together constitute a design for living Values - Answer ideas about what a group believes to be good, right, and desirable Attitudes - Answer beliefs/feelings/behaviors toward an object Norms - Answer Social rules and guidelines that prescribe appropriate behavior in particular situations Folkways - Answer routine conventions of everyday life More...

Globalization - Answer trend away from distinct national economic units and toward one huge global market Globalization of markets - Answer moving away from an economic system in which national markets are distinct entities, isolated by trade barriers and barriers of distance, time and culture, and toward a system in which national markets are merging into one global market Globalization of production - Answer trend by individual firms to disperse parts of their productiv...