which of the following will most likely occur under a system of clearly defined and enforced private property rights
What will be an ideal response?
resource owners will gain by discovering and employing their resources in ways that are highly valued by others
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Which of the following is the definition of autonomous consumption spending?
a. The effect of a change in wealth on consumption spending b. The part of consumption spending that is independent of disposable income c. The impact of disposable income on consumption spending d. The part of consumption spending that is independent of wealth e. The horizontal intercept of the consumption function
The price elasticity of demand measures the responsiveness of the quantity:
a. demanded to changes in product quality. b. demanded to changes in income. c. demanded to changes in price. d. of supply to changes in demandf
Suppose the economy is producing below potential GDP and the Federal Reserve implements the appropriate change in monetary policy, but not until after the economy has started to recover from the recession. In this situation there is a real danger that
A) the Fed's expansionary policy will result in too small of an increase in GDP. B) the Fed's expansionary policy will result in too large of an increase in GDP. C) the Fed's contractionary policy will result in too large of a decrease in GDP. D) the Fed's contractionary policy will result in too small of a decrease in GDP.
The Volumetric Ethanol Excise Tax Credit (VEETC) is a tax credit for registered ethanol-gasoline blenders. Qualified blenders receive $0.51 for each gallon of pure ethanol they blend into gasoline. VEETC is an example of a
A) subsidy. B) price floor. C) price ceiling. D) quota.