The economic way of thinking assumes people, including Mother Teresa, Jack the Ripper, Henry VIII, and Hilary Rodham Clinton, act on the basis of
A) greed.
B) altruism.
C) terror.
D) the projects they are interested in.
D
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Public goods, like national defense, are usually funded through government because: a. no one cares about them, because they are public
b. it is prohibitively difficult to withhold national defense from someone unwilling to pay for it. c. they cost too much for private firms to produce them. d. they provide benefits only to individuals, and not firms.
Draw a production possibilities frontier for an economy, with the axes labeled "military goods" and "peace goods." Indicate the region that is attainable and the region that is not. Explain the shape of the curve-what assumptions did you make in drawing it?
Skeptics have been historically incorrect about
A. the depletion of earth’s most valuable resources. As resource prices increase, more discoveries have been made. B. market-based approaches in reducing pollution. Zero pollution has been achieved. C. the depletion of earth’s most valuable resources. As resource prices decrease, firms are incentivized to sell all their holdings before prices continue to fall. D. state owned firms. They traditionally perform better than markets with pollution charges.
Consider a Stackelberg duopoly with the following inverse demand function: P = 100 ? 2Q1 ? 2Q2. The firms' marginal costs are identical and are given by MCi = 2. Based on this information, the consumer surplus in this market is:
A. $36.75. B. $1,352.40. C. $73.50. D. $2,704.80.