A key assumption of most economic analysis is that people are altruistic, meaning that they act in their own self-interest.
Answer the following statement true (T) or false (F)
False
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Which of the following is a method used by government to cope with the situation in which production of a good creates an external benefit?
A) removing property rights B) subsidizing production C) marketable permits D) running a lottery E) imposing Coasian taxes
In an auction where values or common or correlated, it is best for firms to participate in auction that have ________ bidders and be ________ aggressive in their bidding strategy when the true value of the item is highly uncertain.
A) more; less B) few; less C) more; more D) few; more
The cost savings from outsourcing often lead to ________ for consumers and ________ for the outsourcing company.
A. lower prices; less output B. lower prices; more output C. higher prices; less output D. higher prices; more output
If you want to purchase a new sports car in four years for $75,000, how much would you need to have in your bank account now, so after four years you will have $75,000 to buy the car? Assume your bank pays 6 percent interest
A) $51,226 B) $59,408 C) $60,484 D) $70,755