In the knowledge economy
A) physical property rights appear to be lacking.
B) property rights have become stronger.
C) property rights have been replaced by network externalities.
D) intellectual property rights appear to be lacking.
D
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Chuck Stake never eats vegetables, although he can afford to buy them. According to the economic way of thinking, Chuck
A) must have a serious physiological aversion to vegetables. B) was probably forced to eat them as a kid, and now hates them. C) believes the additional benefits from eating vegetables are outweighed by the additional costs. D) has studied economics enough to know that nobody needs to eat their vegetables.
Over time, technology tends to:
A. set countries apart in terms of productivity. B. allow developing nations to experience the "catch-up" effect. C. diminish in nations that are still developing. D. spread from country to country, equalizing opportunity costs.
What are the strengths and weaknesses of the negative income tax (NIT) as an alternative to traditional welfare programs?
Fairy Cakes sells birthday cakes in a perfectly competitive market where the market price is $25 per cake. If it decides to increase its production from 10 cakes a week to 12 cakes a week, its weekly revenue will _____
a. decrease by $50 a week b. increase by $25 a week c. increase by $50 a week d. decrease by $20 a week