Real GDP per person averaged $150 a year (in 2009 dollars) from 1,000,000 BC until 1620. Then in ________ real GDP began to increase without limit and by 1850 had risen to twice its 1650 level because ________
A) 1750; of the Industrial Revolution
B) 1776; United States was founded
C) 1750; Columbus arrived in the Americas
D) 1650; the Pilgrims arrived in the Americas
E) 1650; of the Industrial Revolution
A
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An example of the principal-agent problem is when
A) managers try to cope with employees that are inefficient. B) proprietors don't receive any money payment for their entrepreneurial skills. C) managers devise penalties that eliminate employee waste. D) managers devise incentives that encourage employees to act in the owner's behalf.
The decline in the value of the dollar from 1985 to 1988 was beneficial to
A. American tourists travelling to Europe. B. firms importing goods into America. C. American exporting businesses. D. foreigners holding U.S. government bonds.
If you are a sole proprietor of a firm, the value of the wage you could have earned elsewhere is
a. an explicit cost. b. an accounting cost. c. an implicit cost. d. not a cost.
Which one of the following is a way to get out of a repeated Prisoner's Dilemma Nash Equilibrium?
a. Start by cooperating b. Start the game by punishing the rivals c. Start the game by cheating on the rivals d. All of the above