What might happen to a county's economy and standard of living without property rights?
A. Increase because people will be producing more goods and services
B. Stay the same
C. Increase because there are more inventive to produce goods and services
D. Decrease because there are fewer incentives to produce goods and services
Answer: D
You might also like to view...
The marginal cost of production that is borne by the entire society is the
A) marginal private cost. B) marginal social cost. C) marginal external cost. D) None of the above answers is correct.
Refer to the information provided in Figure 34.2 below to answer the question(s) that follow.
Figure 34.2Refer to Figure 34.2. The dollar is currently at Point A. An decrease in income in the U.S. causes a movement to Point
A. E. B. B. C. C. D. D.
A rise in the price of Pepsi that causes a household to shift its purchasing pattern toward Coke and away from Pepsi is the ________ effect of a price change.
A. income B. substitution C. diminishing marginal utility D. complementary
MegaCable and Acme are competing for an exclusive contract to provide the city of Dustin with cable television for the next year. The firm that wins the contract will earn an economic profit of $5 million. The contact will be awarded to the firm that spends the most on lobbying. If both firms spend the same amount on lobbying, then the winner will be determined by a coin flip, so each will have a 50 percent chance of winning. Suppose MegaCable spends $2 on lobbying, and Acme spends $1 on lobbying. In this case, MegaCable's economic profit net of its lobbying costs will be ________, and Acme's economic profit net of its lobbying costs will be ________.
A. $5 million; -$1 B. $4,999,998; -$1 C. 0; $5 million D. $2.5 million; $2.5 million