The Internet auction site eBay is an example of a(n)
A) Sealed Bid Auction.
B) Second-Price Auction.
C) English Auction.
D) Both A and B.
D
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The principal-agent problem that exists for bank trading activities can be reduced through
A) creation of internal controls that combine trading activities with bookkeeping. B) creation of internal controls that separate trading activities from bookkeeping. C) elimination of regulation of banking. D) elimination of internal controls.
Total revenue will decrease when
A. the price elasticity of demand equals 1.20 and price rises. B. price and quantity change in opposite directions. C. the price elasticity of demand is negative. D. the price elasticity of demand equals 1.00 and price falls.
All of the following would affect the position of the supply curve for cranberries, except the:
A. Popularity of cranberry drinks B. Price of agricultural land for cranberries C. Cost of fertilizers for cranberry production D. Development of a new pest control for cranberries
The gift exchange motive suggests that
A. workers prefer a nice work environment, even if they must accept lower wages. B. workers value benefits like health insurance more than job security. C. workers who feel well treated will work harder and more efficiently. D. workers will shirk if they are paid a low wage.