Compare a property rights system in which people are allowed to keep one-third of the monetary rewards of their labor with a system in which they keep two-thirds. We should expect more entrepreneurship under the __________ system and faster real economic growth under the __________ system
A) former; former
B) former; latter
C) latter; former
D) latter; latter
D
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Which of the following is considered a durable good?
A) clothing B) a washing machine C) medical care D) food
Trade with the United States during the late 19th and the first half of the 20th century benefited those individuals living in less developed countries by
(a) Boosting their incomes. (b) Restricting markets. (c) Exploiting their resources. (d) Increasing pollution and crime.
In terms of cost-benefit analysis, explain why a competitive market with an externality produces too much pollution
What will be an ideal response?
Protectionist legislation is often passed because: a. employers in the affected industry lobby more effectively than the workers in that industry
b. both employers and workers in the affected industry lobby for protectionist policies. c. trade restrictions often benefit domestic consumers in the long run, though they must pay more in the short run. d. it helps to keep domestic prices at a relatively lower level.