What particularly important role do courts play in a market economy?
Courts enforce property rights by enforcing contracts and discouraging direct theft.
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The factor that ultimately determines the change in the stock of capital, the level of real wages, and the output of an economy is
A) GDP. B) the labor force. C) the unemployment level. D) net investment.
If the inverse demand curve a monopoly faces is p = 100 - 2Q, and MC is constant at 16, then maximum profit
A) equals $336. B) equals $882. C) equals $1,218. D) cannot be determined solely from the information provided.
In Maslow's Hierarchy of Needs, what is the level that is least likely to be achieved?
a. Physiological b. Safety and security c. Belongingness d. Self-actualization
In the simultaneous move labor negotiation game:
a. The payoffs from bargaining hard are only higher if your opponent accommodates b. The payoffs from bargaining hard are only higher if your opponent bargains hard c. The payoffs are always higher if you bargain hard d. The payoffs are always higher if your opponent bargains hard