Under which of the following circumstances is the principal-agent relationship likely to be most problematic?
a. Between surgeons and patients
b. Between hospitals and nurses
c. Between physicians and lawyers
d. Between dentists and physicians
e. Between general practitioners and patients
a. Between surgeons and patients
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Perfect competition does not assume that
a. buyers are well informed about products and prices. b. free entry into and exit from the market exists. c. no individual buyer or seller can influence a price. d. all firms operate at the same cost.
In terms of the price-real GDP diagram, a given expansion of the money supply will have a greater effect on prices the
a. steeper the aggregate supply curve. b. flatter the aggregate supply curve. c. higher the initial price level. d. lower the initial price level.
According to the real business cycle theory, business cycle contractions are generally caused by
A) the self-interest of politicians. B) decreases in business investment. C) decreases in the growth rate of the money supply. D) decreases in the economy's capacity to produce. E) all of the above
What might cause a decrease in current supply of a product?
A. A decrease in the price of one of the inputs used to make the product B. An increase in the product's own price C. New information that leads sellers to believe that the product's price will fall in the future D. New information that leads sellers to believe that the product's price will rise in the future