What are the three major forms of governance and what are their dimensions?
Transactions take place under governance arrangements that describe the opportunities available to the parties and the constraints under which they operate.The three major forms of governance are markets, contracts, and hierarchies. The two major dimensions of governance are trade-offs and mixed-modes of governance. Decisions taken under different forms of governance entail different trade-offs. On the other hand, transactions can also take place under a mix of governance modes.
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Goods and services bought by the government account for about ________ percent of total production
A) 8 B) 2 C) 67 D) 17 E) 35
Of the following, demand is likely to be the least elastic for
A) Ford automobiles. B) Toyota automobiles. C) compact disc players. D) toothpicks.
If demand increases and supply decreases, but supply decreases more than demand increases,
a. equilibrium price will fall. b. equilibrium quantity will fall. c. quantity sold will increase. d. the quantities of both demand and supply will increase.
Private investment fluctuates ________, which supports those economists who advocate policy ________
A) procyclically, rules B) procyclically, activism C) countercyclically, rules D) countercyclically, activism