Labor productivity depends on the

Labor productivity depends on the
 a. the effectiveness of government
  b. the size of the economy
  c. the proportion of the labor force that is unionized
  d. the amount of capital
  e. All of the answers are correct

QUESTION 2

The academic dean at Esoteric University hires a philosopher to teach one of the 12 sections of a course called Why Nerf Balls Ingest Hair. Which of the following is true?
 a. The academic dean is the agent; the philosopher is the principal.
  b. The academic dean is the agent; the students are the principals.
  c. The academic dean is the principal; the students are the agents.
  d. The philosopher is the principal to both the academic dean and the students.
  e. The philosopher is an agent to both the academic dean and the students.

QUESTION 3

Labor productivity depends on the
 a. the effectiveness of government
  b. the availability of technology
  c. the proportion of the labor force that is unionized
  d. the size of the economy
  e. All of the answers are correct

QUESTION 4

Copious Corp is owned by 2 million stockholders who elect a board of directors that selects a management team responsible for hiring workers to serve customers by selling and repairing computer mice. Which of the following statements is true?
 a. In the principal-agent relationship between workers and customers, the customers are the agents.
  b. In the principal-agent relationship between workers and managers, the managers are the agents.
  c. In the principal-agent relationship between the stockholders and the board of directors, the stockholders are the agents.
  d. In the principal-agent relationship between the stockholders and the customers, the stockholders are the agents.
  e. In the principal-agent relationship between management and the board of directors, the managers are the agents.

QUESTION 5

Labor productivity depends on the
 a. quality of the labor
  b. the effectiveness of government
  c. the proportion of the labor force that is unionized
  d. the size of the economy
  e. All of the answers are correct

QUESTION 6

With increased specialization in the economy, principal-agent problems become
 a. more numerous
  b. less numerous
  c. more severe, but there are fewer of them
  d. less severe, but there are more of them
  e. easier to solve

QUESTION 7

Labor productivity depends on the
 a. quality of the labor
  b. the amount of capital
  c. the amount of natural resources
  d. the amount of other inputs, such as technology
  e. All of the answers are correct