Which of the following statements is correct?
a. In an economy-wide sense, property rights are an important prerequisite for the price system to work.
b. Property rights give people the ability to exercise authority over the resources they own.
c. Based on the available evidence, the existence of well-established and well-enforced property rights appears to be associated with an enhanced standard of living.
d. All of the above are correct.
d
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Computers are a complement to computer software. Suppose the price of a computer falls. Simultaneously, suppose that the number of companies selling computer software decreases
How do these changes affect the price and quantity of computer software?
In the mid-1980s, the salaries of accounting professors with Ph.D.s increased dramatically. This resulted in an increase in enrollments in Ph.D. accounting programs. Since a Ph.D
degree in accounting may take at least four years to complete, the short-run elasticity of supply of accounting professors is A) greater than the long-run-elasticity of supply. B) less than the long-run elasticity of supply. C) equal to the long-run elasticity of supply. D) equal to the short-run elasticity of demand.
A country has a comparative advantage in a good if
A. It can specialize only in two goods. B. It always has an absolute advantage in the production of the good. C. It can produce more of the good than another country. D. It can produce a good at a lower opportunity cost relative to another country.
All the goods and services we produce are ____________ .
a. expensive. b. scarce. c. recyclable. d. efficiently produced.