1. A self-enforcing contract is one in which: A.those who accept the contract po

Question

1. A self-enforcing contract is one in which:
A.those who accept the contract possess characteristics desirable by the other party.
B.both parties face incentives to avoid opportunistic behavior.
C.Both of the above are correct.
D.None of the above is correct.

2.Which of the following acts most directly weakened union power?
A.the Wagner Act.
B.the National Labor Relations Act
C.the Taft-Hartley Act
D.None of the above is correct.

3.Firms are more likely to use a pay system in which workers are paid less than the value of their marginal output early in their career and more than the value of their marginal output later in their career when:
A. there is a high level of investment in firm-specific human capital.
B. there is a low level of investment in firm-specific human capital.
C. jobs require low levels of education and training.
D. None of the above is correct.

Explanation / Answer

1. a

2. d

3. a

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