question
In the labor market, a stipulation that the first three months of employment is a trial period is
answer
a standard precaution against hiring a lemon.
question
Most buyers face a situation of _________________________ when they invest in the stock market.
answer
Imperfect information
question
A __________________ arrangement exists when medical care providers are paid according to the services they provide.
answer
fee for service
question
Guarantees, warranties, and service contracts are all examples of
answer
forms of explicit reassurance provided by sellers.
question
A ___________________ is a promise to fix or replace the good, at least for a certain period of time.
answer
Warranty
question
If US auto manufacturers cut the prices of their vehicles to sell a greater quantity, buyers may assume that the lower price implies _______________ compared to foreign manufactured vehicles.
answer
to lower in quality
question
What do service contracts, occupational licenses and cosigners all share in common?
answer
Reduce risk of imperfect information
question
________________________ that are issued by government agencies are a form of validation that a worker has completed a certain type of education or passed a certain test.
answer
Occupational licenses
question
Jeremy is an 18 year old college student with no prior credit history, who still lives at home. He will have a part-time job while he is attending college and has applied for a car loan. In these circumstances, the bank's loan officer will most likely approve of the loan if Jeremy can
answer
Provide a co-signer on the loan
question
A ___________________________ is a promise that the buyer's money will be refunded under certain conditions.
answer
money-back guarantee
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