Which of the following led to an introduction of a new currency in Argentina in the mid 1980s?
a. An economic depression
b. A misguided political situation
c. Social instability
d. Hyperinflation
e. A prolonged deflation
d
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Paying salespeople a fixed wage contract, one in which income does not depend on the volume of sales, avoids
A) both adverse selection and moral hazard. B) neither adverse selection nor moral hazard. C) adverse selection but not moral hazard. D) moral hazard but not adverse selection.
Jeremy is thinking of starting up a small business selling NASCAR memorabilia. He is considering setting up his business as a sole proprietorship. What is one advantage to Jeremy of setting up his business as a sole proprietorship?
A) As a sole proprietor, Jeremy would have the ability to share risk with shareholders. B) As a sole proprietor, Jeremy would have both ownership and control over the business. C) As a sole proprietor, Jeremy would face limited liability. D) All of the above would be advantages of setting up his business as a sole proprietorship.
If the price elasticity of demand is equal to 2, the good has ________ demand.
A. unitary elastic B. elastic C. restrictive D. inelastic
Refer to the graph below. It shows the total product (TP) curve. At which point does diminishing marginal returns set in?
A. Point a
B. Point b
C. Point c
D. Point d