In the principal-agent relationship, the principal is
A) the person who is placed in control over resources that are not his own and agrees to compensate the resource owner in the event of outcomes that do not satisfy the resource owner.
B) the person who places his resources in professional hands in exchange for the professional's promise to act on the resource owner's behalf.
C) the owner of a resource that has hired a third party to act in the best interest of that third party.
D) the person who is placed in control over resources that are not his own, with a contractual obligation to use these resources in the interests of some other party.
Question 2
Countries gain from specializing in producing goods in which they have ________ and trading for goods in which other countries have ________.
A) a comparative advantage; an absolute advantage
B) an absolute advantage; an absolute advantage
C) an absolute advantage; a comparative advantage
D) a comparative advantage; a comparative advantage
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