In situations where businesses who choose to discriminate because they are prejudiced are few in an industry, discrimination:
A. will be eliminated by the competitive market.
B. will persist because customers will not give them patronage.
C. will persist in an efficient market.
D. None of these is true.
A. will be eliminated by the competitive market.
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A system of laws and courts generates positive externalities because
A) only governments are capable of creating such systems. B) people cannot choose whether or not to obey the law. C) people who disobey the law benefit from the existence and enforcement of rules applicable to all. D) such a system could not exist without the approval of a majority.
Four possibilities have probabilities 0.4, 0.2, 0.2 and 0.2 and values $80, $30, $0, and -$80 respectively. The expected value is:
a. $22 b. $24 c. $26 d. $28
In the spring of 2002, Argentina was forced to devalue its peso and disband its currency board that was responsible for the fixed exchange rate between the peso and the U.S. dollar. Explain the origin of this crisis and the painful remedies that Argentina has had to endure
Capitalism is based on all of the following except
A. the "invisible hand". B. the price mechanism. C. trust. D. equity.