What is an outside director?
A) a member of the board of directors who does not have a direct management role in the firm
B) a member of a corporate board of directors that is also a manager of the business
C) the CEO that is selected by the corporation's board of directors
D) a board of director chair who has been in the job for less than one year
Answer: A
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Negative externalities arising from the production of a good
A. cause an increase in the demand for the good. B. cause a decrease in the demand for the good. C. impose costs on third parties. D. bring private costs into equality with social costs.
For a competitive equilibrium in a two-period model, all of the following must be true except
A) each consumer picks first- and second-period consumption given the real interest rate. B) there must be an equal number of borrowers and lenders. C) the government's present-value budget constraint holds. D) the credit market clears.
A labor union is a(n)
a. single seller of labor on the labor market b. single buyer of labor on the labor market c. organization of workers who produce goods that are sold in union shops d. organization of workers who typically strike to obtain high wage rates e. organization of workers who refuse to work unless they are paid a wage rate above MRP
Firms seek to maximize:
A. per unit profit. B. total revenue. C. total profit. D. market share.