Bill is working as the only employee at a local store. The relation between Bill and the owner of the store is such that Bill is ________ and the owner is ________
A) the agent; the principal
B) both principal and agent; neither a principal nor an agent
C) neither a principal nor an agent; both principal and agent
D) the principal; the agent
A
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Bananaland produces only bananas and sunscreen and the quantities and prices for 2012 and 2013 are given in the table above. The base year is 2012. In 2013, which is larger, nominal GDP or real GDP?
A) Both are the same size. B) Nominal GDP is larger. C) Real GDP is larger. D) The answer is ambiguous. E) More information is needed to determine which is larger.
Which of the following is a liability of the Federal Reserve?
A) currency B) mortgage-backed securities C) U.S. government securities D) U.S. coins
In the above figure, what is the efficient quantity of hot dogs to produce?
A) 2 thousand per day B) 4 thousand per day C) 6 thousand per day D) The efficient quantity cannot be determined without knowing the PPF for this economy.
Firms have incentive to enter a monopolistically competitive market if:
A. positive profits are being earned and the price is below MC. B. positive profits are being earned and they can create a similar product. C. zero profits are being made and they can duplicate the product exactly. D. zero profits are being made and they can create a similar product.