________ protect property rights.
A. Injunctions and liability rules
B. Taxes and subsidies
C. Bargaining and negotiation
D. Rivalry and excludability
Answer: A
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Suppose that Federal Reserve policy leads to higher interest rates in the United States
How will this policy affect real GDP in the short run if the United States is a closed economy, and how will it affect real GDP in the short run if the United States is an open economy?
The 2009 fiscal stimulus package was passed ________
A) to prevent the real interest rate from rising B) to shift the IS curve to the left C) to raise aggregate output at any interest rate D) all of the above E) none of the above
Jake, Sr. sells the family business, a factory that produces snake oil, to Jake, Jr., for $100, even though the factory has been assessed at $400,000. How will this transaction affect GDP?
A. Investment will increase by $100. B. Investment will increase by $400,000. C. Consumption will increase by $400,000. D. GDP will not be affected by the transaction.
Which of the following are considered sources of bias in the CPI?
a. Prices changing too rapidly; substitution, new technologies; and quality changes. b. Prices changing too rapidly; substitution; quality changes; and growth in discounting. c. Quality changes; new technologies; prices changing too rapidly; and growth in discounting. d. Substitution; new technologies; prices changing too rapidly; and growth in discounting. e. Quality changes; new technologies; substitution; and growth in discounting.