The law-making time lag is best described as the time that it takes
A) a jury to render a verdict.
B) Congress to realize that new laws must be passed to change taxes or spending.
C) the President to sign a bill sent from Congress.
D) a newly passed law to become the norm in daily lives.
E) Congress to pass laws needed to change taxes or spending.
E
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In the economic way of thinking, money is
A) the root of all evil. B) what makes the world go round. C) a general medium of exchange. D) an institution, which tends to increase transaction costs. E) the source of scarcity in commercial society.
One way to overcome the problem of the commons is to
A) assign property rights so that someone owns the resource. B) take away property rights so that no one owns the resource. C) leave the market alone because the market will reach an equilibrium in which the efficient amount of the resource is used. D) None of the above answers is correct.
People supply their resources to the highest-paying alternative, even if working conditions are not equally attractive
a. True b. False
When the commons are converted into privately owned resources, _____
a. utilization is increased, and benefits to the society decline b. utilization is increased, and the benefits to the society also increase c. utilization is decreased, and the benefits to the society also decrease d. utilization remains unchanged, and the benefits to the society increase e. utilization is decreased, and the benefits to the society increase