private ownership of property :
What will be an ideal response?
provides owners with an incentive to maintain and conserve resources
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Specialization and exchange develop under conditions of
A) massive ignorance. B) a total conflict of interests. C) coercion and exploitation. D) none of the above.
A movement upward along an upward-sloping Engel curve corresponds to
A) upward-sloping indifference curves. B) crossing indifference curves. C) a rotation in the budget constraint. D) a parallel shift in the budget constraint.
If the price elasticity of demand for chicken is 2, then a 20% decrease in the price of chicken will lead to a:
A. 10% decrease in the quantity demanded of chicken. B. 40% decrease in the quantity demanded of chicken. C. 40% increase in the quantity demanded of chicken. D. 10% increase in the quantity demanded of chicken.
People who are only working part-time, but want to be working full-time, are classified officially as:
A. unemployed and in the labor force. B. unemployed and out of the labor force. C. employed and in the labor force. D. employed and out of the labor force.