In most models of managerial conflict, the owner is the ________ and the manager is the ________.
A. employee; director
B. principal; agent
C. wage earner; stockholder
D. resource; resource owner
Answer: B
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Name and briefly describe the three balance of payments accounts
What will be an ideal response?
A government budget deficit is
A) an excess of government spending over government revenues during a given time period. B) a situation in which the government's spending is exactly equal to the total taxes and other revenues it collects during a given time period. C) the total value of all outstanding federal government securities. D) all federal government debt irrespective of who owns it.
A fixed-proportion production function has isoquants that are
a. almost flat (i.e., the isoquants are almost straight lines). b. L-shaped. c. normally shaped (rectangular hyperbolas). d. None of the above.
Which of the following is NOT a beneficial aspect of trade?
A. Someone who owns a good of relatively little value can trade it for something they value more. B. Trade frees people from the need to produce everything themselves. C. Trade allows people to specialize in whatever they do best. D. Trade eliminates the problem of scarcity.