Transaction costs include
A) costs of negotiating contracts with other firms.
B) cost of enforcing contracts.
C) the existence of asset-specificity.
D) All of the above
D
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All of the following are ways in which the government can help insure the quality of information consumers receive except
A) enforcing truth-in-advertising standards. B) awarding monopolies to political supporters and family members. C) requiring businesses to undergo audits of their financial conditions. D) publishing the academic performance of schools.
Look at the production schedule below:
Workers 0 1 2 3 4 5 Output 0 45 80 100 130 165 Which property of a standard production function does it violate? A) constant returns to scale B) decreasing marginal product of capital C) decreasing marginal product of labor D) production increasing in labor
Interest earned on personal savings accounts is currently subject to taxation. What may happen to economic growth in the United States if Congress passes legislation exempting this interest from taxation?
Which of the following is an example of a fiscal policy initiative?
a. Lowering of interest rates. b. Increase in reserve requirements. c. Reduction in taxes. d. Decrease in money supply.