The exclusive rights of ownership of property are generally referred to as
A) level property rights.
B) private property rights.
C) public property rights.
D) common property rights.
B
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With fixed exchange rates, the adjustment to changes in international monetary conditions comes through
A) exchange rate changes. B) exchange rate changes and international money flows. C) international money flows. D) None of the above.
The one main difficulty with a nominal GDP target rule for monetary policy is that it
A) is a difficult target to hit. B) provides no nominal anchor. C) requires a painful extinguishing response to an adverse supply shock. D) performs badly when there is unstable velocity.
State one important consequence of Coasian reasoning on the analysis of contracts
Which of the following is a characteristic of the perfectly competitive market structure?
a. advertising b. product differentiation c. perfect substitutes d. patents e. mutual interdependence