“Anyone who tells you that markets left to their own devices always lead to socially beneficial outcomes is talking utter nonsense.” Do you agree with this statement? Defend your position.
Answer to relevant QuestionsIs the government provision of interstate highways a productive use of resources? What would have occurred had the government not taken responsibility for building and maintaining highways? Why does corruption negatively affect economic growth and standards of living? Why is corruption like a tax on doing business?In Chapter 1 it was noted that economics examines issues “at the margin.” Explain how this would apply to the decision to make or buy. What might be a problem with democracy as a structure to run a publicly held company? Many firms that use operators to assist customers evaluate the operators on the basis of how many customers they service. Explain the results of such an evaluation system. What would you do differently? Consider the benefits ...
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