ADMS 1000 EXAM 1| YORK UNIVERSITY

ADMS 1000 EXAM 1| YORK UNIVERSITY1 A mixed market economy has features of both: Select one: a. Communist and socialist economics b. Domestic and global c. Command and market economies d. Federal and Provincial 2 According to the perspective, ‘competitive markets’ are the best means of organizing complex economies and societies. Select one: a. Neoclassical b. Industrial Pluralist c. Managerial d. Critical 3 Loyal customers of Apple’s iPhone would likely experience the following if they were given an opportunity to choose a competitor’s product: Select one: a. no switching costs b. high bargaining power c. high psychological switching costs d. high monetary switching costs 4 In the principal-agent framework: Select one: a. Shareholders are the principals b. Managers are the agents c. Shareholders are the agents