An analyst on a local news channel argues that the recent corporate scandals "demonstrated very clearly that self interest always contradicts social interest." Do you agree or disagree? Substantiate your answer
What will be an ideal response?
You should disagree. The recent corporate scandals only show that self interest might contradict social interest. But they don't prove that this is necessarily the case as we can find many real-world examples of how people guided by self-interest promote society's well-being. In fact, under the market system the whole economy operates through the decisions made by self-interested individuals. And countries such as the United States have proven to be more successful in promoting social interest than were centrally planned, or communist, economies where people's self interest was suppressed and all important economic decisions were made by government.
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Any point on a production possibilities frontier (PPF) itself is
A) production efficient. B) unattainable. C) inefficient. D) equitable.
The financial systems of __________ have major firms working all their external financing through a single bank
A) Japan and the United Kingdom B) the United States and the United Kingdom C) Germany and the United Kingdom D) Japan and Germany
In a monopolistically competitive market, the long-run profit-maximizing price of a good is equal to its average cost of production
a. True b. False Indicate whether the statement is true or false
When regulations interfere with exchange and limit entry into various businesses and occupations, they will
What will be an ideal response?