Suppose a major civil war broke out in an important oil-producing nation. What impact would this have on the market for oil?
What will be an ideal response?
Middlemen can be viewed as agents who create value by reducing transaction costs and, thereby, facilitating gains from exchange
You might also like to view...
Which of the following scenarios is not consistent with the Laffer curve?
a. The tax rate is very low, and tax revenue is very low. b. The tax rate is very high, and tax revenue is very low. c. The tax rate is very high, and tax revenue is very high. d. The tax rate is moderate (between very high and very low), and tax revenue is relatively high.
?_________ results in slow or absent economic growth.
A. The absence of property rights B. The absence of democracy C. Diminishing returns to labor D. Diminishing returns to capital
An account period may be:
a. One quarter b. One month c. One year d. All of these
Referring to Figure 18.3, an appreciation of the dollar is represented by a movement from point:
A. a to d. B. c to d. C. a to c. D. b to c.