In the absence of transactions costs, a change in property rights will have no effect on economic efficiency. This result is known as
a. the Weak Coase Theorem.
b. the Strong Coase Theorem.
c. the Invisible Hand Theorem.
d. the Good Samaritan Theorem.
a. the Weak Coase Theorem.
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If a good is normal and its price increases,
a. the income effect will be positive and the substitution effect will be positive. b. the income effect will be negative and the substitution effect will be negative. c. the income effect will be positive and the substitution effect will be negative. d. the income effect will be negative and the substitution effect will be positive.
The average fixed cost of a firm equal:
a. implicit costs divided by output. b. explicit costs divided by output. c. total cost minus variable cost. d. total cost minus total variable cost divided by output.
If the marginal propensity to consume is 0.80, the value of the spending multiplier will be 4
a. True b. False Indicate whether the statement is true or false
If the U.S. experiences an enormous surge of immigration, we could predict it would make the labor supply:
A. decrease and shift to the right. B. increase and shift to the right. C. increase and shift to the left. D. decrease and shift to the left.