Natasha is having difficulty deciding between two jobs, A and B. As shown in the accompanying diagram, A is closer to home than B, but doesn't pay as well. Ideally, Natasha would like a job that both pays well and is close to her home.
If Natasha behaves like most decision-makers, then the addition of option C would:
A. decrease her likelihood of accepting any job.
B. increase her likelihood of picking B.
C. increase her likelihood of picking A.
D. have no impact on her choice of A and B.
Answer: B
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In the principal-agent relationship, the principal is
A) the person who is placed in control over resources that are not his own and agrees to compensate the resource owner in the event of outcomes that do not satisfy the resource owner. B) the person who places his resources in professional hands in exchange for the professional's promise to act on the resource owner's behalf. C) the owner of a resource that has hired a third party to act in the best interest of that third party. D) the person who is placed in control over resources that are not his own, with a contractual obligation to use these resources in the interests of some other party.
Which of the following changes aggregate supply and shifts the aggregate supply curve? i. change in the price level ii. change in potential GDP iii. change in the money wage rate
A) i only B) ii only C) iii only D) ii and iii E) i, ii, and iii
Colleges and universities often do not pay salaries that are market-driven. For example, it is typical for a history professor to make the same as an economics professor. What kinds of problems are likely to result from this kind of a pay scale?
What will be an ideal response?
What is the measure of the income received by owners of resources used in making final goods and services?
a. factor payments b. product payments c. indirect earnings d. direct earnings