When competition is present and property rights secure, people will be encouraged to
a. plunder the resources of others.
b. pay the lowest possible wages.
c. provide others with things that they value in exchange for income.
d. Invest in other countries where markets are less competitive and property rights less secure.
C
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Changes in business activity are
A) referred to as business fluctuations. B) referred to as the ebb and flow of business. C) always undesirable. D) caused by the changing seasons every year.
Briefly explain how the concept of rational ignorance explains the tendency many people have not to learn about political candidates
What will be an ideal response?
The labor force participation rate is
A. the percentage of the population who are in the labor force. B. the percentage of the non-institutionalized population who is in the labor force. C. the percentage of the non-institutionalized working age population who is in the labor force. D. the percentage of the entire population who is in the labor force.
The aggregate consumption function is C = 800 + 0.8Yd. If income is $2,000 and net taxes are $500, consumption equals
A. 1,500. B. 2,000. C. 2,050. D. 2,150.