In corporations, which of the following are principals but not agents?
a. shareholders
b. the board of directors
c. managers
d. workers
a
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A firm operating in a perfectly competitive market is a price taker because:
a. no firm has a significant market share. b. no firm's product is perceived as different. c. setting a price higher than the going price results in zero sales. d. all of these.
Based on the table below and the principle of diminishing returns to capital, then total packages wrapped when a fourth machine is installed must be less than ________ packages. Number of (Identical) MachinesTotal Packages Wrapped110,000213,000315,000
A. 2,000 B. 16,000 C. 15,000 D. 17,000
The Bob & Weave Company manufactures only hair extensions. In 2016 Bob & Weave manufactured 50,000 hair extensions, but sold only 32,000 hair extensions. In 2016 Bob & Weave's change in inventory was ________ hair extensions.
A. 16,000 B. 18,000 C. 32,000 D. 82,000
Related to the Economics in Practice on p. 478: According to the "paradox of thrift," as individuals increase their saving
A. income in the economy will remain constant because the change in consumption equals the change in saving. B. income in the economy will fall because the decreased consumption that results from increased saving causes the economy to contract. C. income in the economy increases because there is more money available for firms to invest. D. income in the economy increases because interest rates will fall and the economy will expand.