Consider two countries-country A and B. Both economies are exactly similar in all aspects except for one. There are well-defined property rights in country A, while there are no property rights in country B
Given this information, which of the following statements is likely to be true?
A) Economy A is likely to grow faster than economy B.
B) Economy B is likely to grow faster than economy A.
C) Both economies are likely to grow at the same rate.
D) None of the countries is likely to experience any growth in GDP.
A
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A decrease in income will lead to an increase in the demand for an inferior good.
Answer the following statement true (T) or false (F)
Usury laws are a form of price ____________ and the minimum wage law is a form of price ___________________.
A. floor; floor B. ceiling; ceiling C. ceiling; floor D. floor; ceiling
An excise tax on cigarettes is ________ and ________.
A. regressive; direct B. regressive; indirect C. progressive; direct D. progressive; indirect
An advantage of the household survey over the establishment survey of the labor market is that the household survey
A) is based on actual payrolls, rather than on unverified answers. B) includes the number of self-employed persons. C) includes the number of discouraged workers. D) omits persons employed at newly opened firms.