Markets can and have been criticized for including or even encouraging a variety of negative pathologies such as greed, envy, fraud, corruption, inequality, and others. Our discussion of market ethics emphasized
A) that such criticisms have no basis in the actual experience with markets
B) that market systems are primarily characterized by these kinds of activities
C) that these kinds of activities stem from flaws of individuals that surface in all economic systems
D) that these kinds of activities largely disappear when more economic resources and decisions are made publicly
Answer: C) that these kinds of activities stem from flaws of individuals that surface in all economic systems
You might also like to view...
If a profit-maximizing, perfectly competitive firm is producing at a loss in the short run, then it implies that:
a. marginal revenue must be less than marginal cost. b. price must be less than the average variable cost. c. price must be less than average total cost but greater than average variable cost. d. the average revenue curve must lie below the average variable cost curve but above the average fixed cost curve. e. price must be less than both average variable cost and average fixed cost.
Which of the following would be recorded as a U.S. merchandise export? a. An American tourist spends 10,000 francs on vacation in the south of France. b. A machine shop in Ohio purchases a grinder made in Italy. c. An American receives a $50 dividend check on stock she owns in a business in Germany
d. The U.S. government subsidizes American farmers for planting corn for export. e. France purchases a new jet fighter aircraft from the Boeing Company in the United States.
Because a firm has implicit costs as well as explicit costs
A) its economic profit is usually the same as its accounting profit. B) its accounting profit is always less than its economic profit. C) its economic profit is usually more than its accounting profit. D) its economic profit is usually less than its accounting profit.
Under the total allowable catch (TAC) system of fishing:
A. There are limits to the number of days a species can be caught B. Biologists determine the size of the catch based on sustainable levels C. The number of fishing boats allowed to fish in a specific area is restricted D. Priority is given to catching fisheries with the greatest market value