The legal system provided by the government is necessary for the smooth working of markets because
A) it keeps criminals off of the streets.
B) it defines and protects property rights.
C) it is set up in the U.S. constitution.
D) it ensures that producers maximize their profits.
B
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Security personnel are an important input into the production of major concerts, such as Lady Gaga, and Jay Z & Kanye West. If wages for security personnel rise, then we would expect
A) the supply of major concerts to be unaffected. B) the supply of major concerts to decrease. C) the supply of major concerts to increase. D) the demand for major concerts to increase.
A resource that is publicly owned and allocated under a system of unrestricted access is known as
(a) a socialist resource. (b) a collective resource. (c) a common property resource. (d) a transferable resource.
Explain how a mortgage lender may act differently if it intends to resell mortgages in secondary markets instead of holding the mortgages itself
What will be an ideal response?
Using Figure 1 above, if the aggregate demand curve shifts from AD2 to AD3 the result in the long run would be:
A. P2 and Y2. B. P1 and Y2. C. P4 and Y2. D. P1 and Y1.