Which of the following will most likely occur under a system of clearly defined and enforced private property rights?
What will be an ideal response?
Resource owners will gain by discoverying and employing their resources in ways that are highly values by others
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Refer to Figure 3-3. The figure above shows the supply and demand curves for two markets: the market for an original Picasso painting and the market for designer jeans. Which graph most likely represents which market?
A) Graph B represents the market for an original Picasso painting and Graph A represents the market for designer jeans. B) Graph A represents both the market for an original Picasso painting and designer jeans. C) Graph A represents the market for an original Picasso painting and Graph B represents the market for designer jeans. D) Graph B represents both the market for an original Picasso painting and designer jeans.
Increasing wage rates will result in more hours worked.
A. True B. False C. Uncertain
After implementation of the Single European Act, value added taxes in the EU were
A) completely harmonized. B) unchanged. C) partially harmonized with minimum and maximum permissible values set by the EU. D) eliminated except on a few items in each country. E) cut in half in order to increase the role of corporate taxes.
If production indifference curves cross, this indicates that there are different ways to produce the same output level.
Answer the following statement true (T) or false (F)