The institution of private property encourages:
A. easy exchange of some property because a formal title or deed exists.
B. lack of easy exchange because ownership is sometimes hard to prove.
C. lack of incentives because the owner is responsible for maintenance costs.
D. lack of maintenance because people are not forced by law to do it.
Answer: A
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The price of an airline ticket from Denver to Chicago costs $300. A bus ticket costs $150. Traveling by plane takes 2 hours compared with 32 hours by bus. Other things constant, an individual would gain by choosing air travel if, and only if, his time were valued at more than Select one:
a. $2 per hour. b. $4.69 per hour. c. $5 per hour. d. $150 per hour.
Depreciation is the term used when plants, equipment and housing deteriorate and wear out, thus losing their original values.
Answer the following statement true (T) or false (F)
The concept that producing goods and services generates the means and the willingness to purchase other goods and services is
A. secular deflation. B. Say's law. C. the Keynesian approach. D. money illusion.
Studies generally show that if there is more investment in capital goods in DVCs, there will be greater:
A. Capital flight B. Economic growth C. Underemployment D. Unemployment