Labor productivity rises as the amount of capital available to workers increases
a. True
b. False
Indicate whether the statement is true or false
True
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According to the Coase theorem, if bargaining costs are small, then there will be an efficient solution to the problem of toxic waste
a. if the creator of the toxic waste is assigned the property rights b. if the victim of toxic waste is assigned the property rights c. regardless of which party is assigned the property rights d. if the property rights are shared equally between the creator and the victim of toxic waste e. in the form of a pollution tax
If a good is normal, then the income effect is _____ for a price increase and _____ for a price decrease.
A. positive; negative B. positive; positive C. negative; negative D. negative; positive
If the market interest rate decreases, then there will be _____
a. an upward movement along the investment demand curve b. a downward movement along the investment demand curve c. a rightward shift of the investment demand curve d. a leftward shift of the investment demand curve e. no movement along or shift of the investment demand curve
When the supply of land is perfectly inelastic, the economic burden of an annual tax on land
a. falls entirely on the people who owned land when the tax was imposed. b. is passed on to future buyers of land in the form of higher prices. c. is split between present and future landowners. d. cannot be determined without information on the elasticity of the demand for land.