Property law
a. helps to ensure that only voluntary exchanges occur
b. tends to decrease the level of economic efficiency
c. helps define ownership rights to resources
d. establishes property taxes
e. helps to distribute government property
C
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If both labor demand and labor supply fall, what will happen to the real wage, employment, and output?
a. The real wage will increase, real output will increase, but the effect on employment depends upon the magnitudes of the shifts. b. The real wage will increase, but the effects of employment and real output depend upon the magnitudes of the shifts. c. The real wage, employment, and real output will all decrease. d. Employment and real output will decrease, but the effect on the real wage depends upon the magnitudes of the shifts. e. The real wage, employment, and real output will all increase.
Discuss this statement: "Health care is too expensive. The government should limit the prices doctors charge so that everyone can afford health care."
When looking at this graph for the welfare effects of a subsidy, a 50 percent decrease in the size of area F would mean ______.
a. consumer surplus increased
b. deadweight loss increased
c. quantity produced decreased
d. overall efficiency decreased
Laronda went into the business of producing and selling greeting cards. For this business, which of the following is likely to be a fixed cost?
a. paper costs b. labor costs c. the 6-month lease for the factory d. long distance telephone costs