The success of self-employed entrepreneurs depends on
What will be an ideal response?
an ability to discover and act on valuable opportunities overlooked by others.
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Import restrictions
A) can protect United States jobs in the protected industry, which increases economic welfare of the country as a whole. B) can protect United States jobs in the protected industry but will also lead to job reductions in other export industries. C) hurt people who work in importing companies, but makes consumers better off. D) cannot protect American jobs in any sector of the economy.
Caroline earns more than John. Under a new tax system, some of the taxes paid by Caroline would go to John. A libertarian would
a. support the system because an extra dollar earned by Caroline would be worth less to her than an extra dollar given to John. b. oppose the system if it redistributed income in the presence of equal opportunity. c. oppose the system because an extra dollar earned by Caroline would be worth more to her than an extra dollar given to John. d. support the system if it maximized the well-being of the poorest member of society.
Asymmetric information is a particular problem for __________ firms or firms with __________ relationship with a particular lending institution
A) small; a longstanding B) small; only a recent C) large; a longstanding D) large; only a recent
Even though a cartel is often profitable for its members, cartel arrangements contain the seeds of their own disintegration because
a. a price maintained above each cartel member's marginal cost provides each member with an incentive to offer secret price reductions to attract additional customers. b. the profits earned by cartel members will induce others to enter the industry. c. cartel members will attempt to garner more of the total profit for themselves by cheating on their agreement with other members. d. all of the above are correct.