A monitoring problem most likely will occur when:
A. a company is employee-owned.
B. employees' self-interest is the same as the firm's interest.
C. employees' self-interest differs from the firm's interest.
D. the owner makes all the decisions for the business.
Answer: C
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Someone who is underemployed is someone who:
A. is working part-time, but wants full-time employment. B. is working in a job for which he is overqualified. C. could be contributing more output to society by either working more, or by working using more advanced skills he possesses but doesn't currently use. D. All of these describe someone who is underemployed.
In Figure 33.4, what is the cost of labor to the firm after the imposition of the payroll tax, and how many workers will be hired?
A. W3 and L1. B. W3 and L0. C. W5 and L1. D. W3 and L2.
Major macroeconomic issues include differences across countries in all of the following EXCEPT:
A. economic growth rates. B. inflation rates. C. infant mortality rates. D. unemployment rates.
A recessionary gap occurs when the ______ is less than the ______.
a. aggregate demand; aggregate supply b. potential output; actual output c. aggregate supply; aggregate demand d. actual output; potential output