In the Perspective on profit maximization and greed, greed is regarded as
a. inherent in capitalist societies
b. an evil that must be addressed by all societies
c. an expression of behavior that can be associated with all forms of profit maximization
d. an acceptable mode of behavior in a zero-sum world
e. having no negative consequences in a zero sum world
C
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Refer to Table 2-5. What is Estonia's opportunity cost of producing one cell phone?
A) 0.2 board feet of lumber B) 5 board feet of lumber C) 8 board feet of lumber D) 32 board feet of lumber
A small business owner has a line of credit from a bank with a nominal interest rate of seven percent
For several years, the price level has been rising at an annual rate of two percent, but the owner has just read in the newspaper that economists expect next year's inflation rate to be four percent or more. Assume that this owner may either continue the line of credit at seven percent, or renegotiate to alter both the size of the credit and the interest rate. What reason might there be for the owner to keep the credit terms as is? What argument might justify changing the credit agreement?
Refer to the above figure. Suppose the marginal benefit and the marginal cost curves of pollution abatement are normally shaped. Suppose the equilibrium is for a factory in Los Angeles
What would happen if the same factory were in the middle of Nevada? A) The marginal cost curve (1 ) would shift to (2 ) and there would be no difference in the level of abatement. B) The marginal cost curve (2 ) would shift to the left and there would be less abatement in Nevada. C) The marginal benefit curve (4 ) would shift to the left and there would be less abatement in Nevada. D) The marginal benefit curve (2 ) would shift to the right and there would be more abatement in Nevada.
Identify a valid trend observed in U.S. business cycles since 1933. a. Contractions lasted for more than two years on an average. b. There were only two or three complete cycles
c. There was no recession since 1979. d. Expansions generally lasted longer than contractions. e. Each cycle lasted longer than the previous one.