If a good is a necessity, it has ________ substitutes and its demand is ________
A) poor; elastic
B) poor; inelastic
C) many; elastic
D) many; inelastic
E) many; precisely unit elastic
B
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Principal-agent problems are less likely to arise
a. if it is easy for principals to know agents' actions and if there is less conflict between their goals b. if it is difficult for principals to know agents' actions and if there is less conflict between their goals c. if it is easy for principals to know agents' actions and if there is some difference in their goals d. if it is difficult for principals to know agents' actions and if there is some difference in their goals e. if agents have higher incomes
Brazil has a relatively low income per capita because it has relatively few natural resources
a. True b. False Indicate whether the statement is true or false
Who actually pays an excise tax
A. is determined by income bracket. B. is determined by who the law assigns the tax. C. is wage and salary earners but not people who have only investment income. D. is determined by the change in prices and outputs caused by the tax.
Explain the two relations that determine the evolution of output in the long run
What will be an ideal response?