Economist Douglass North suggests that the term used to describe government bodies, development agencies, and international groups should be:
A. groups.
B. institutions.
C. agencies.
D. organizations.
Answer: D
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In the foreign exchange market, U.S. residents wishing to purchase foreign exports or foreign real and financial assets must:
A) demand U.S. dollars by supplying foreign currency. B) demand U.S. dollars by supplying U.S. dollars. C) supply U.S. dollars by demanding foreign currency. D) none of the above.
The above figure shows the payoff matrix facing an incumbent firm and a potential entrant. The potential entrant cannot earn a profit if the incumbent
A) chooses the Cournot level of output. B) chooses the Stackelberg leader level of output. C) shuts down. D) deters entry.
The income that people earn in resource or factor markets is called:
a. national income. b. personal income. c. disposable personal income. d. transfer payments. e. net national product.
Beginning in 2013, a local government in Georgia is instituting a tax on owners of land at a flat rate of $100 per acre every year.
i. Explain who gains and loses from the tax. Specifically comment on what happens to the value of the land, who ends up bearing the burden of the tax. ii. If in 100 years the local government decides to repeal the tax, who will gain and who will lose as a result of the repeal? Explain.