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- As discussed in the lecture, if producers limit the supply of a product (like chickens) they are counting on what to dirive prices up? Multiple Cholce Producer-producer nvalty Consumer-consumer rivoiry Producer-consumer mairy None of the abowThink of an economic topic that you have in mind that you are interested to. 1. What is the topic? 2. Why did you choose that topic? 3. Who should you invite to lecture on this topic? 4. Why did you choose that speaker? 5. What does he have that you think he is an authority to speak on this topic?In this type of economy, economic decisions are made by private individuals and businesses. a. agriculture b. industry c. capitalist d. command
- 1. Many individuals might be willing to contribute $25 to the local community charity drive if they could be assured that others would do so. Explain how the free-rider problem complicates the issue of raising money for charitable purposes. 2. Jones gets a real bargain on 100 acres of land because it is near an airport. He decides to use the land to breed his prize-winning race horses. One year after buying the land, Jones sues the airport because his horses, disrupted by the noise of jet planes, are not breeding. If you were the judge, how would you decide Jones' case? Why?The city of Edmonton is trying to figure out if they should add lights to crosswalks on busy roads. The lights would cost the city $80 000 to install and would improve safety at these crosswalks. If the crosswalk lights reduce the risk of fatality by 1 percent and the city estimates the value of human life is $10 million, what would an economist advise the city to do? Select one: O a. The economist would advise the city to install the lights because the cross out expected benefit of $1 000 000 is greater than the cost. O b. The economist would advise the city to not install the lights because the expected benefit of $80 000 is equal to the cost. cross out O c. The economist would advise the city to install the lights because the expected benefit of $100 000 is greater than the cost. cross out O d. The economist would advise the city to not install the lights because the expected benefit of $10 000 is less than the cost. cross outExercice 2: c 1. Can you give an example of a market that, according to Sandel, is likely to have a corrupting effect in the above sense? 2. Who worries more about the corrupting effects of markets: Sandel OR Jason Brennan and Peter Jaworski?
- Question 5 Which of the following is not an assumption made by economists about the actors in the market. OA, the government has no internal conflicts and therefore is always consistent in its decision making. firms act to maximize profits. B. Oc households act to maximize satisfaction or utility. OD, governments serve to establish and protect property rights.1. What is market failure? Explain in your own words. 2. Why do markets fail. List two reasons and explain them in your own words. 3. Explain what an external effect (also known as an externality) is in your own words. 4. List four examples of externalities 5. Explain what a social dilemma is and list one example of a current social dilemma.1.Historically, political economy has been the mother of economics. But over time, political economy and economics became different. Can you explain the differences and similarities?
- Classifying a good as rival means A. that the good is produced in a competitive market. B. anyone who does not pay for the good cannot consume it. C. that there is a shortage of the good. D. that when one person consumes a unit of the good no one else can consume it.What mechanism guides the invisible hand? A. Price Mechanism B. Trust C. External Costs D. Market Failure What forces business firms to be as efficient as possible so they can charge the lowest price? A. Property Rights B. Externalities C. Competition D. Capitalism Capitalism is based on:A. Command-and control Regulations B. Trust C. Market Failure D. Government Intervention1. According to Robert Reich, what is the goal of a business? a. Preserving the environment b. Creating and adhering to corporate social responsibility guidelines c. Generating profit 2. True or false, Simpson argues global corporations enhance economic freedom and their power causes conflicts of interest and social problems. a. True b. False 3. Which of the following is a rule that the Macdonald and Williams-Jones argue need to be applied if a company is going to use genetic testing or screening on their employees? a. It must be mandatory b. The employee must pay out of pocket for the procedure c. The employee cannot be terminated due to the test results 4. According to Pava, why should businesses be required to adhere to corporate social responsibility standards? a. They are involved in more than just making money b. They effect the environment c. They effect the lives of their employees d. All the above 5. Why does Palmer reject government intervention in controlling the timber…