An Agent Will Be Relieved from Liability for Representations in Excess

question 13

Multiple Choice

An agent will be relieved from liability for representations in excess of the agent's authority if:

• A) the agent hired subagents to do some of his work.
• B) the third party knows that the agent is acting in excess of his authority.
• C) the principal does not ratify the act.
• D) the act was undertaken with a good intent.

Grasp the concept of diminishing returns and its effects on cost and production.

Understand the role of scale economies in long-run cost behavior.

Understand the impact of first impressions and biases on the hiring process.

Recognize the steps involved in designing and evaluating training and development programs.

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Definitions:

Inflation Rate

The percentage increase in the price level of goods and services in an economy over a period of time, indicating how fast prices are rising.