Which of the following is an example of a person or firm that is most likely to have been granted a public franchise?
A) medical doctor
B) taxi cab driver
C) the local pizza parlor
D) the local telephone company
E) the local Honda dealership
D
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The ________ in a country's GDP during a recession is smaller if wages are ________
A) fall; rigid B) increase; rigid C) fall; flexible D) increase; flexible
The bonus of a plant manager in a vertically integrated firm is based on the following formula:
Bonus = 10,000 - 0.5(Qf - Q) where Qf is feasible production and Q is actual production. The value for Qf is provided by the plant manager at the beginning of the year. With this scheme, the plant manager has an incentive: A) to underestimate Qf. B) to overestimate Qf. C) to reveal the true Qf and make Q as small as possible. D) to reveal the true Qf and make Q as large as possible.