Which of the following statements is true?
A) Extractive economic institutions foster economic activity, productivity growth, and economic prosperity, while inclusive institutions fail to do so.
B) Both extractive and inclusive institutions foster economic activity, productivity growth, and economic activity.
C) Both extractive and inclusive institutions fail to foster economic activity, productivity growth, and economic activity.
D) Inclusive economic institutions foster economic activity, productivity growth, and economic prosperity, while extractive institutions fail to do so.
D
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Which of the following terms describes the situation in which too few or too many resources go to a specific economic activity because of external benefits or costs?
A) an technologically inefficient market B) a market failure C) a laissez-faire market D) an external market
A firm using a two-part tariff faces a tradeoff because
A) any increase in consumer surplus must be offset by a decrease in producer surplus. B) the only way to increase the fixed-fee portion of the price is to lower the per-unit portion of the price. C) the only way to increase total revenue is to lower per-unit profit. D) the smaller the variation between the parts of the price, the greater the deadweight loss generated by the pricing scheme.
A profit center is
a. evaluated based on minimizing costs within the division b. evaluated based on maximizing costs within the division c. evaluated based on minimizing profits generated by the division d. evaluated based on maximizing profits generated by the division
The usefulness of money in carry out transactions is its ________ and the nominal interest rate is its ________.
A. benefit; cost B. demand; supply C. supply; demand D. cost; benefit