Which of the following contributes to an institutional structure that promotes economic growth?
A. Technology.
B. Comparative advantage.
C. Property rights.
D. The inequality trap.
Answer: C
You might also like to view...
Refer to Scenario 9.1. The Nash equilibrium occurs when Sheb places ________ sheep on the commons and Monty places ________ sheep on the commons
A) 4; 4 B) 4; 5 C) 5; 4 D) 5; 5
Which statement is true?
A. The Federal Trade Commission Act is the most important antitrust law on the books. B. The most important antitrust legislation was passed in the last three decades. C. The Clayton Act outlawed interlocking directorates. D. None of these statements are true.
Suppose that at the current level of output, price = $12, MC = $4, AVC = $7, and ATC = $11. Which of the following is TRUE?
A. The firm should decrease output. B. The firm should shut down. C. The firm should increase output. D. The firm should maintain the current level of output.
Suppose there are three power-generating plants, each of which has access to 5 different production processes. The table below summarizes the cost of each production process and the corresponding number of tons of smoke emitted each.Process(smoke/day) A(4 tons/day) B(3 tons/day) C(2 tons/day) D(1 ton/day) E(0 tons/day) Cost to Firm X ($/day) $500$514$530$555$585 Cost to Firm Y ($/day) $400$420$445$480 $520Cost to Firm z ($/day) $300$325$360$400 $550Suppose the government imposes a tax of $21 on each ton of smoke emitted. To minimize costs, Firm X will emit ________ tons; Firm Y will emit ________ tons, and Firm Z will emit ________ tons.
A. 1; 2; 4 B. 3; 4; 4 C. 1; 2; 3 D. 2; 3; 4