When it comes to getting a college education, most people consider not O their self-interest; the social interest O the social interest; their self-interest their costs; their benefits their public interest; their social interest
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- The chapter defines private enterprise as a characteristic of market-oriented economies. What would public enterprise be? Hint: It is a characteristic of command economies.The Gizmo Company is planning to develop new household gadgets. Table 13.4 shows the companys demand for financial capital for research and development of these gadgets, based on expected rates of return from sales. Now, say that every investment would have an additional 5 social benefit—that is, an investment that pays at least a 6 return to the Gizmo Company will pay at least an 11 return for society as a whole; an investment that pays at least 7 for the Gizmo Company will pay at least 12 for society as a whole, and so on. Answer the questions that follow based on this information. If the going interest rate is 9, how much will Gizmo invest in R. How much will the firm invest if it also receives the social benefits of its investment? (Add an additional 5 return on all levels of investment.)Corporations exist as legal entities with certain advantages (such as limited liability)because society allows them to do so, and these corporate rights and advantages can beremoved from firms that are perceived to be irresponsible. Companies that think abouttheir social responsibility in this light are engaging in CSR for what type of reasons? O. StrategicO. RegulatoryO. EthicalO. Pragmatic
- The three residents of Smallville are consideringa fireworks display. Clark values this public goodat $80; Lana at $50; and Pete (who dislikesfireworks) at −$30. Fireworks cost the town $120,or $40 per person. The efficient outcome is for thetowna. to provide the public good because the medianperson values it more than its cost per person.b. to provide the public good because a majorityof the residents value it more than its cost perperson.c. to provide the public good because the total valueof a majority exceeds the total cost.d. not to provide the public good because the totalvalue of all residents is less than the total cost.Kenji and Paolo are considering contributing toward the creation of a building mural. Each can choose whether to contribute $300 to the building mural or to keep that $300 for a new suit. Since a building mural is a public good, both Kenji and Paolo will benefit from any contributions made by the other person. Specifically, every dollar that either one of them contributes will bring each of them $0.70 of benefit. For example, if both Kenji and Paolo choose to contribute, then a total of $600 would be contributed to the building mural. So, Kenji and Paolo would each receive $420 of benefit from the building mural, and their combined benefit would be $840. This is shown in the upper left cell of the first table. Since a new suit is a private good, if Kenji chooses to spend $300 on a new suit, Kenji would get $300 of benefit from the new suit and Paolo wouldn't receive any benefit from Kenji's choice. If Kenji still spends $300 on a new suit and Paolo chooses to contribute $300 to the…Wireless, high-speed Internet is provided for free inthe airport of the city of Communityville.a. At first, only a few people use the service.What type of a good is this and why?b. Eventually, as more people find out aboutthe service and start using it, the speed of theconnection begins to fall. Now what type of agood is the wireless Internet service?c. What problem might result and why? What is onepossible way to correct this problem?
- High-income people are willing to pay more thanlower-income people to avoid the risk of death.For example, they are more likely to pay for safetyfeatures on cars. Do you think cost–benefit analystsshould take this fact into account when evaluatingpublic projects? Consider, for instance, a rich townand a poor town, both of which are considering theinstallation of a traffic light. Should the rich town usea higher dollar value for a human life in making thisdecision? Why or why not?Which of the following assertions regarding social efficiency and social welfare iscorrect?a. They are the same conceptb. Social welfare includes both economic efficiency and equity whereas socialefficiency does not include equityc. Social efficiency includes both economic efficiency and equity whereas socialwelfare does not include equityd. Social efficiency is a higher standard than social welfare.Suppose that you have a free ticket to a concert by Band X. The ticket has no resale value.On the night of the concert, your next -best alternative entertainment is a performance byBand Y for which the ticket cost $40. You like Band Y and would usually be willing to pay$50 for a ticket to see them. What is the opportunity cost of using your free ticket andseeing Band X instead of Band Y? A) $40 B) $50 C) $10 D) $90
- Question. Using the table below, answer the questions that follow it. A B C D EPizza 0 1 2 3 4Robot 20 18 14 8 0 a. What are the assumptions for a given production possibilities curve? b. What is the opportunity cost of one pizza when moving from B to point C? What moving from D to point E? c. Do these combinations demonstrate constant or increasing opportunity costs?The federal government decides to require that automobile manufacturers install new anti-pollution equipmentthat costs $2,000 per car. Under what conditions can carmakers pass almost all of this cost along to car buyers? Underwhat conditions can carmakers pass very little of this cost along to car buyers?Which one of the following is a definition of a merit good? A) Services which can only be provided by the government through taxesB) Goods which provide cear social and private benefits to consumersC) A good which can be produced by the market but would likely be under-consumedD) Goods which are beneficial in consumption but consumers are unaware of the extent of the benefitsE) Goods which are not capable of being provided by the market because they are excludable and rival Merit goods are an example of which of the following problems in economics:A) Free riderB) Principal-agentC) Tragedy of the CommonsD) Intertemporal choiceE) Excludable, non-rival goods provision De-merit goods have characteristics that if left the market mechanism, they are over consumed and impose private costs on the individual consume them, and also have wider social costs. Which of the following ways in which a government might seek to reduce consumption of of merit costs? Check all the apply A) Impose…