You have just been named President and Chief Executive Officer at the StrideRite Shoe Corporation. This appointment places you in the role of ________ to lower managers and ________ to the stockholders
A) principal; principal
B) principal; agent
C) agent; principal
D) agent; agent
B
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Which of the following is NOT an example of a factor of production?
A) Coal B) Tractors C) Cigarettes D) College graduates
The presumption that ability breeds economic success finds empirical support
Indicate whether the statement is true or false
Out-of-pocket expenses such as wages and raw materials are
A) direct costs. B) an owner-provided capital cost. C) implicit costs. D) explicit costs.
If a 15 percent reduction in the price of electricity per kilowatt hour has no impact on the total electricity consumption, we can infer that in the short run, the demand for electricity is _____
a. perfectly inelastic b. perfectly elastic c. unit-elastic d. relatively inelastic e. relatively elastic