An escalation or automatic adjustment provision in a purchase contract for some good deters opportunistic behavior and automatically reallocates risk as its price changes
Indicate whether the statement is true or false
T
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U.S. tariffs on Canadian lumber have led to ________ production of lumber within the United States
A) the elimination of B) making illegal the C) an increase in D) a decrease in E) no change in
In the above figure, at the best affordable point, the marginal rate of substitution is
A) 0.5 of a hamburger per magazine. B) 1 hamburger per magazine. C) 1.33 hamburgers per magazine. D) 8 hamburgers per magazine.
Consider the following economic agents:
a. the government b. consumers c. producers Who, in a centrally planned economy, decides what goods and services will be produced with the scarce resources available in that economy? A) producers B) consumers C) the government, consumers, and producers D) consumers and producers E) the government
Strong property rights inhibit economic growth by strictly regulating economic behavior.
a. true b. false