The members of a society can assign tasks according to ability and distribute benefits in accordance with need only
A) if the government controls the economy.
B) if they have a workable procedure for assessing abilities and needs.
C) in a socialist or, more likely, a communist society.
D) when there are enough of them to assure competent performance of all necessary tasks.
E) when they are committed to equity as well as efficiency.
B
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Explain why firms in a cartel might lobby for government regulation.
What will be an ideal response?
The Hirschman-Herfindahl index (HHI) in an industry is 50. A merger is proposed that will raise the HHI to 100. In this case, the
A) Sherman Act will prohibit the merger. B) Federal Trade Commission will challenge the merger. C) Federal Trade Commission will not challenge the merger. D) rule of reason will prevent the merger if it represents a horizontal merger.
The efficient markets hypothesis implies that future changes in exchange rates should for all practical purposes be
A) unpredictable. B) set by each country. C) increasing. D) pegged to a standard such as the U.S. dollar or the Euro.
If a French company exports $2 million of machinery to Italy and French tourists spend $2 million at Italian beaches, the Italian current account balance ________, and the Italian financial account balance ________
A) rises; rises B) rises; is unchanged C) is unchanged; is unchanged D) is unchanged; rises