In Figure 3-6 above, unplanned inventory decreases occur at
A) point J.
B) point K.
C) point L.
D) all income levels.
A
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The above table gives data for the nation of Mouseville. There are no imports into or exports from Mouseville. Unplanned inventory changes equal $50 billion when real GDP equals
A) $800 billion. B) $900 billion. C) $500 billion. D) $300 billion. E) $700 billion.
The principal-agent problem means that managers must
A) find ways for managers to get people to buy stock in their company. B) devise compensation rules to induce principals to act in the best interest of agents. C) devise compensation rules to induce agents to act in the best interest of principals. D) find efficient agents who will negotiate fair compensation rules for a firm's principal managers.
Traditionally, Wall Street investment banks had been organized as ________, but by 2000 they had converted to being ________
A) sole proprietorships; partnerships B) partnerships; sole proprietorships C) corporations; partnerships D) partnerships; publicly-traded companies
Who was the economist who first analyzed the advantages of specialization and the division of labor?
A) Adam Smith B) Ronald Coase C) Arthur C. Pigou D) David Ricardo