Which of the following is NOT a transaction cost associated with using inputs?
A. Time spent negotiating labor contracts with union workers
B. Wages paid to labor
C. Opportunity costs of negotiating the price of renting machines
D. Costs of searching for a new supplier of machines
Answer: B
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Which of the following is most accurate?
a. The US has always had a national bank since the early 1800s. b. The US is currently on the gold standard. c. The US used both gold and silver to back its currency during the entire 19th century. d. The US experienced low inflation during the 1970s because it printed very little money. e. The US Federal Reserve is relatively independent compared to similar institutions in most other industrialized nations.
Which of the following is a property of a public good?
a. It is established by legislation. b. Free riders are excluded. c. Users collectively consume benefits. d. It is determined by positive economics.
Which is the most accurate statement?
A. The authority to run welfare programs resides mainly in the states. B. The authority to run welfare programs resides mainly in the federal government. C. When the 1996 welfare reform passed, it immediately removed 3 million people from the welfare rolls. D. The welfare reform law of 1996 will virtually abolish welfare by the year 2008.
Why are most endangered species belong to common property?
What will be an ideal response?