Common property is
A. an externality.
B. any resource that is free for the user.
C. a social cost.
D. property that is owned by everyone and therefore by no one.
Answer: D
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In the specific factor model, the effect of an increase in the productivity of labor in the production of cloth will cause a(an) ________ in the quantity of labor used to produce cloth, a(an) ________ in the quantity of labor used to produce food and
a(an) ________ in the wage rate. A) increase; decrease; increase B) decrease; increase; increase C) increase; decrease; decrease D) decrease; increase; no change E) increase; increase; no change
The facts show that the political business cycle theory
A) does a good job of explaining monetary policy during presidential election years. B) is unable to explain monetary policy during presidential election years. C) doesn't generally support the political business cycle theory. D) explains monetary policy best during years in which the President is running for reelection.
The price received by sellers in a market will increase if the government
a. decreases a binding price floor in that market. b. increases a binding price ceiling in that market. c. increases a tax on the good sold in that market. d. imposes a binding price ceiling in that market.
An exchange rate that is set by official government policy is called a ________ exchange rate.
A. nominal B. flexible C. real D. fixed