Common ownership of resources such as land can be efficient as long as
a. people are honest
b. government regulates resource use
c. rules for resource use are clear in assigning rights and responsibilities
d. penalties for misuse are severe
e. all the above are required
C
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The more certain private property rights are
A) the less people need to invest in education or human capital development. B) the more an economy must grow to maintain a certain living standard. C) the less entrepreneurship there will be. D) the more capital accumulation there will be.
Refer to Figure 13-4. In the figure above, LRAS1 and SRAS1 denote LRAS and SRAS in year 1, while LRAS2 and SRAS2 denote LRAS and SRAS in year 2. Given the economy is at point A in year 1, what is the growth rate in potential GDP in year 2?
A) 8% B) 9.1% C) 10% D) 12%
Government-produced goods are added to GDP at
a. their market value. b. the value they have to their users. c. the value of the inputs used to produce them. d. the value Congress places on them.
If we observe a decrease in the price of a good and an increase in the amount of the good bought and sold, this could be explained by
a. an increase in the supply of the good. b. an increase in the demand for the good. c. a decrease in the demand for the good. d. a decrease in the supply of the good.