Anita is the retired president of Claddagh College and currently serves on the board of directors of the Patrician Pharmaceutical Company. Anita is considered ________ of the company
A) a managing director
B) an inside director
C) a silent partner
D) an outside director
Answer: D
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A positive externality causes
A) the marginal social benefit to be less than the marginal private cost of the last unit produced. B) the marginal private benefit to exceed the marginal social cost of the last unit produced. C) the marginal social benefit to exceed the marginal private cost of the last unit produced. D) the marginal social benefit to be equal to the marginal private cost of the last unit produced.
Expenses for room and board
a. are opportunity costs of attending college, because they are subsidized by the government or by the college b. are opportunity costs of attending college since they involve cash expenditures c. are opportunity costs of attending college if you are on scholarship, but not otherwise d. are not usually part of the opportunity cost of attending college, because you would have to live somewhere and eat something even if you didn't attend college e. are not usually part of the opportunity cost of attending college, because they are already included in room and board charges, and we wish to avoid double counting
Which of the following problems associated with asymmetric information can be avoided by using a product warranty?
a. Lemons problem b. Problem of adverse selection c. Moral Hazard d. Problem of blind sight
Which of the following examples shows marginal revenue product?
a. The newest staff member, Genevieve, started with a salary of $1,000 per week. b. Stan had sales of $1,000 per week and was paid $700, leaving profit of $300. c. When JP joined the team, the mechanics were able to service six more cars per day. d. A recent hire, Ganesh, added $1,600 per week to the accounting firm’s hourly billing.