Most modern financial centers use computers to match buyers and sellers. This absence of personal contact contradicts the definition of a market
Indicate whether the statement is true or false
False. Buyers and sellers need not meet during a market transaction since a market is not tied to a particular location.
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Dave recently began running his father's farm. Last year he took in $15,000 in sales revenue and paid $10,200 in out-of-pocket costs. He made an economic profit last year:
a. if his implicit costs were $3000. b. if his implicit costs were $4000. c. if his implicit costs were $5000. d. In both cases a. and b.
Which of the following is not a typical solution to the "Tragedy of the Commons?"
a. taxing the use of the common resource b. turning the common resource into a club good c. turning the common resource into a private good d. regulating the use of the common resource
Political instability is an obstacle to development in:
A. both market and socialist economies. B. neither market nor socialist economies. C. market economies. D. socialist economies.
In this chapter, virtue can lead to material gain and therefore it can be an important part of the social order. Evaluate this view of virtue or moral behavior. Is material gaining a sufficient motive for morality? Is moral behavior based on more than the possibility for personal gain?
What will be an ideal response?