A Potential Benefit of Experience- Rating EI Premiums Is That

question 6

Multiple Choice

A potential benefit of experience- rating EI premiums is that

• A)it would encourage firms to go in for constructive dismissals.
• B)this would increase the amount of premiums taken in.
• C)it would encourage firms to find ways other than layoffs to cut costs.
• D)it would reduce premiums for firms with larger numbers of experienced workers.
• E)none of the above.

Identify the types of contractual rights that are non-assignable.

Discern the types of contracts that require written evidence under the statute of frauds.

Differentiate between intended and incidental beneficiaries in contract law.

Explain the significance of assignments in contract law and the importance of giving notice to the obligor.

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Definitions:

Perfect Competitors

Firms that are so numerous and small in relation to the market they serve that they have no power to alter the market price of their product, characterized by a lack of market dominance.

Economic Profit

Profit exceeding the opportunity cost of resources used, indicating a return greater than the most lucrative alternative.

ATC Curve

Refers to the Average Total Cost curve, which represents the average cost per unit of output, calculated by dividing total cost by the quantity of output produced.

Excess Capacity

A situation where a firm is producing at a lower scale of output than it has been designed for.