Humberto is the chief operational officer (COO) of the SodaSopa Company and currently serves on the board of directors of the Helium Company of America. Humberto is considered ________ of the Helium Company of America
A) a managing director B) an unpaid advisor
C) an outside director D) an inside director
C
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Private solutions to externalities are most effective if ________
A) transaction costs associated with bargaining are low B) transaction costs associated with bargaining are high C) property rights are not defined clearly D) a large number of people are affected by the externalities
Which of the following characterizes the Fed's ability to prevent recessions?
A) The Fed is incapable of changing aggregate demand through its monetary policy tools. B) The Fed is able to "fine tune" the economy and entirely eliminate recessions. C) The Fed is able to eliminate the business cycle and achieve absolute price stability. D) The Fed is able to keep a recession shorter and milder than it would otherwise be.
Big Waves is a large water park. Suppose the individual demand for entrance into Big Waves is Qd = 50 - (2 × P) and each consumer has the same demand. Big Waves has a constant marginal cost of $5 per consumer. If Big Waves charges a single entry price to each consumer, what is the profit-maximizing number of entries per consumer?
A) 10 B) 25 C) 20 D) 50
Government can step in to make economic decisions that address problems markets create, but government action is also imperfect and may not reflect majority views. What situation can arise in which it would be very difficult to identify which choice the majority of voters approves?
a. Budget trading b. Vote cycling c. Logrolling d. Pork-barrel spending