Who said "The inherent vice of capitalism is the unequal sharing of blessings. The inherent virtue of socialism is the equal sharing of miseries"?
Winston Churchill
You might also like to view...
Promoters for the Rolling Stones were clearly "short selling" when
A) they distributed their latest CD to radio stations free of charge. B) they sold their latest CD to retailers at wholesale prices. C) they sold the world-tour concert tickets weeks in advance. D) they promoted the band without Bill Wyman, the original bass player.
In the prisoner's dilemma game:
A. neither player has a dominant strategy. B. both players have a dominant strategy. C. only one player will ever have a dominant strategy. D. All of these may be true in a prisoner's dilemma game.
An economic explanation for why rock concert tickets sell at prices below the market equilibrium is that musicians
a. are not greedy. b. want to reward their loyal fans. c. expect that younger people, who will spend more on merchandise at the concert, are more willing to wait in long lines to buy tickets than adults. d. expect that those who are more willing to wait in long lines to buy tickets will make a more receptive audience than those who are willing to pay a higher price.
If society allows firms to freely pollute the environment, then which of the following is true?
a. The efficient output level can be achieved by giving firms a subsidy for the pollution they generate. b. Market equilibrium output will be too high relative to the efficient output level. c. Market equilibrium output will be too low relative to the efficient output level. d. Market equilibrium output will be equivalent to the efficient output level.