Institutions:
A) are mostly outside of human control.
B) place constraints on human behavior, and these constraints may not be absolute.
C) cannot be changed over time.
D) do not affect incentives.
B
You might also like to view...
Historically, one of the most common reasons for countries to impose tariffs was
A) to protect their national security. B) to raise revenue for the government. C) to eliminate unemployment. D) to counter inflation. E) None of the above.
All of the following are characteristics of monopolistic competition EXCEPT
A) a few firms dominate the industry. B) product differentiation. C) many firms in the industry. D) advertising.
For diversification to be a successful management strategy, it must
A) generate accounting profits. B) earn normal profits. C) protect market share. D) add value.
Social Security payments automatically increase when the Consumer Price Index (CPI) goes up because of the:
A. age of the recipient. B. years receiving social security. C. cost-of-living adjustments. D. individual being married or unmarried.