Which of the following is most important if you want to achieve high earnings?
A) ability to identify and undertake actions where you can benefit at the expense of others
B) willingness to work hard even if you are not productive
C) ability to provide others with things that they value highly
D) willingness to exploit workers and consumers
C) ability to provide others with things that they value highly
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Answer the following statement(s) true (T) or false (F)
1. In the principal-agent problem, assigning full liability to the agent gives no incentive for the principal to avoid damages. 2. Transaction costs arise when property rights are nonexistent. 3. If all parties can enter into negotiations, social optimum is achieved with or without a Pigou tax. 4. A free-rider problem occurs when people can share in the benefits of an activity without being forced to contribute to its costs. 5. Court decision involving torts are irrelevant to social welfare.
Refer to Table 15.1. The sources of government funds for Arugula in 2012 total
A) $135 million. B) $195 million. C) $380 million. D) $600 million.
If the economy is in a recession, the Fed could:
A. buy bonds through open market operations to increase spending in the economy. B. sell bonds through open market operations to increase spending in the economy. C. increase the discount rate so banks will increase their lending in the economy. D. increase the reserve requirement to increase confidence in the financial system.
The demand curve for a good connects points describing how much consumers
a. actually bought at different prices during a particular period. b. actually bought at different prices in different periods. c. would have been willing and able to buy at different prices during a particular period. d. would have been willing and able to buy at different prices in different periods.