The exclusive rights of ownership that allow the use, transfer, and exchange of property are called
A) common property rights.
B) private property rights.
C) transaction costs.
D) social benefits.
Answer: B
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The decision to go to graduate school is a rational one for a college student if the
A) cost is not too great. B) marginal cost exceeds the marginal benefit of graduate school. C) marginal benefit of graduate school exceeds the marginal cost. D) opportunity cost of graduate school equals zero. E) student carefully compared the social benefits of this decision.
Refer to Table 22-2. Calculate the GDP per capita for each country in the table. Which country has the highest standard of living? Why?
What will be an ideal response?
The Fed tends not to use discount policy as its principal tool in influencing the money supply since
A) discount loans do not affect the money supply. B) it does not have as much control over discount loans as it has on open market operations. C) it is prohibited from doing so by an act of Congress. D) it prefers to use reserve requirements.
Suppose that a country has an inflation rate of about 2 percent per year and a real GDP growth rate of about 2.5 percent per year. Then the government can have a deficit of about
a. 5 percent of GDP without raising the debt-to-income ratio. b. 4.5 percent of GDP without raising the debt-to-income ratio. c. 1.25 percent of GDP without raising the debt-to-income ratio. d. .5 percent of GDP without raising the debt-to-income ratio.