Property rights assure people that
A) the government will not confiscate their income or savings.
B) the government will provide a minimum standard of living.
C) the factors of production and goods are owned jointly by the government and the people.
D) economic growth will enhance government involvement in the economy.
E) international trade will be limited.
A
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The table above represents different points along a production possibilities curve. What is the marginal cost of moving from 2 bushels to 3 bushels of beans?
A) 9 bushels of carrots per bushel of beans B) 12 bushels of carrots per bushel of beans C) 3 bushels of carrots per bushel of beans D) 21 bushels of carrots per bushel of beans
The Coase theorem says that, if the appropriate property right is assigned to ____, an efficient solution to an externality problem will be achieved
a. the party causing the externality b. the victim of the externality c. the party that can avoid the externality at the higher cost d. either one of the parties involved
When a new firm considers entering a market, it takes into account only the profit it would make. What are the two external effects that occur in the market that the firm does not consider?
Fiscal policy can:
A. cause inflation. B. have real effects on the economy in the short run. C. bring the economy to its long run equilibrium faster than it can correct itself. D. All of these are true.