Which of the following statements is true of members of an organization?
a. They are either principals or subordinates.
b. Agents are closely monitored by principals at all times.
c. Each member generates information for the use of others in the organization.
d. Decision-makers decide on the basis of the information they generate themselves.
C
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Starting from long-run equilibrium, a large tax cut will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; higher B. expansionary; higher; potential C. recessionary; higher; potential D. recessionary; lower; lower
The Coase Theorem implies that the reason people sue each other in court is that property rights have not been sufficiently well specified.
Answer the following statement true (T) or false (F)
According to the above table, which assumes that opportunity costs of producing goods X and Y are constant, which of the following statements is TRUE?
A) Chen will be willing to produce only good X and trade units of that good to Holly as long as he receives more than 0.5 units of good Y from her in exchange. B) Holly will be willing to produce only good X and trade units of that good to Chen as long as she receives less than 2.5 units of good Y in exchange. C) Chen will be willing to produce only good Y and trade units of that good to Holly as long has he receives less than 2 units of good X from her in exchange. D) Holly will be willing to produce only good Y and trade units of that good to Chen as long as she receives less than 0.4 unit of good X in exchange.
Suppose that the consumer price index (CPI) was 160 in Year X and 166 in Year Y, inflation during Year Y was approximately:
a. zero; prices were stable. b. 3.8 percent. c. 6 percent. d. 66 percent.