Common property
a. is owned by specific people.
b. is inexhaustible.
c. refers strictly to land resource.
d. refers to goods "owned" by society at large and freely usable by anyone.
d
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Reserves of a bank equal its
A) deposits with the Federal Reserve. B) vault cash plus deposits of its customers. C) vault cash plus deposits with the Federal Reserve. D) vault cash.
Refer to Figure 2-14. What is the opportunity cost of producing 1 snow cone in Greenland?
A) 2/3 of a popsicle B) 5/6 of a popsicle C) 1 1/5 popsicles D) 200 popsicles
All else equal, if Canada raises its interest rates,
A) the dollar depreciates. B) the U.S. demand for Canadian dollars increases. C) the Canadian supply of Canadian dollars increases. D) Both A and B. E) Both A and C.
The market price for wallets is $20 . Your technology is such that at your most efficient production point, the average total cost of producing a wallet is $2.50 . Your manager runs into your office and shouts, "Boss! Average costs are rising! Average costs are rising!" To make a profit-maximizing decision, you should:
a. d or e. b. immediately stop production. c. completely ignore your manager. d. ask the manager about the marginal cost. e. ask the manager about the average total cost.