Exclusive rights of ownership that allow the use, transfer, and exchange of property are called
A) common property rights.
B) nonexclusive property rights.
C) private property rights.
D) public property rights.
C
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The Lucas Wedge shows
A) the negative impact inflation has on consumer spending. B) whether a country needs to slow its real GDP growth rate. C) the positive impact lower taxes have on real GDP. D) the negative impact a slowdown in real GDP growth has on potential GDP. E) the increased impact of government spending on real GDP.
Total product is maximized where
A) average product is maximized. B) marginal product is maximized. C) average product is equal to 0. D) marginal product is equal to 0.
Banks that are managed in a very safe and conservative manner can be expected to earn
a. high, steady profits. b. high but volatile profits. c. low and consistent profits. d. low profits with occasional major losses.
The difference between the existing unemployment rate and the natural unemployment rate is defined is the __________ unemployment rate.
a. frictional b. structural c. cyclical d. natural