The right and privilege to control one's own possessions
a. capitalism
b. private property rights
c. profit motive
d. Consumer sovereignty
Ans: b. private property rights
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A monopoly firm expands its output and lowers its price. The firm finds that its total revenue falls. Hence, the firm is producing in the
A) elastic range of its demand curve. B) inelastic range of its demand curve. C) elastic range of its supply curve. D) inelastic range of its supply curve.
Which of the following statements is false?
A. A call option will sell for a fraction of the cost of the stock. B. A futures contract can be written for a commodity (such as wheat), or for a currency. C. A futures contract gives the owner the right, but not the obligation, to buy or sell a commodity at a specified price on a given future date. D. The specified price at which an option gives the owner the right to buy a stock at is called the stick price.
Say’s Law states that
a. supply is greater than demand. b. supply is less than demand. c. demand generates supply. d. supply generates demand.
Suppose an American worker can make 50 pairs of gloves or grow 300 radishes per day. On the other hand, a Bangladeshi worker can produce 100 pairs of gloves or grow 200 radishes per day. Using the concepts of absolute and comparative advantage, we can say that the United States has the comparative advantage in:
A. neither the production of gloves nor radishes. B. the production of both gloves and radishes. C. the production of gloves only. D. the production of radishes only.