Mahatma Gandhi, John F. Kennedy, Martin Luther King Jr. are all cited as charismatic leaders. Economics tells us that charisma can be learned. What is the inconsistency in the economic argument?
What will be an ideal response?
Economics tells us that leaders will do anything to improve their own utility and promote their own self-interest. If it is in the leader's self-interest to be charismatic, then he will spend resources to learn the styles from other charismatic leaders like Mahatma Gandhi, John F. Kennedy, Martin Luther King Jr. and others. But the problem is that these charismatic leaders did not care about their own welfare.
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If John can produce 10 chairs or 20 lamps during a week while Mary can produce 12 chairs or 22 lamps in the same time, who has the absolute advantage in producing each good?
A) Mary in producing both goods B) John in producing both goods C) Mary in producing chairs, John in producing lamps D) John in producing chairs, Mary in producing lamps E) Both Mary and John in both goods
Briefly describe the three key points managers must consider when using expert opinion, consumer surveys, test marketing, and price experiments in analyzing consumer behavior
What will be an ideal response?
Refer to the figure above. What is the equilibrium quantity of bottled water?
A) 10 units B) 20 units C) 30 units D) 40 units
Which of the following best states the relationship between machinery and the earnings of labor?
a. Production of machinery creates jobs, thereby increasing the demand for (and wages of) labor. b. Output and real earnings can always be increased whenever a machine can be substituted for a function previously performed by labor. c. Machines tend to reduce the demand for labor, thereby reducing the earnings rate of labor. d. High productivity per worker hour is a necessary ingredient for the attainment of high real earnings, and adoption of labor-saving machinery enhances the ability of labor to attain such high productivity.