Which of the following statements best summarizes why bureaucrats tend to be budget maximizers?
a. The larger the budget, the more assured bureaucrats can be of having sufficient resources to complete a task.
b. The larger the budget, the more power and prestige the bureaucrat wields.
c. The larger the budget, the larger the workload of the bureaucrat.
d. The larger the budget, the more work in the public interest the bureaucrat can undertake.
b
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The economy's normal, long-run growth rate is shown in the AD-AS model as:
A. the upward-sloping SRAS curve. B. the vertical LRAS curve. C. the vertical SRAS curve. D. the horizontal LRAS curve.
The owner of a proprietorship might decide incorporate the firm as a corporation in order to
A) be able to conduct business in more than one county. B) avoid the principal-agent problem. C) be eligible for patent protection of new products. D) gain limited liability.