The relationship between the market system and private property is
a. as the market system expands, private property declines in that society.
b. private property rights interfere with the operation of the market system.
c. the market system functions best when the rights of private property are protected.
d. None of these.
c. the market system functions best when the rights of private property are protected.
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Economists believe that political instability can facilitate economic development in an LDC by making its citizens more open to change and new technology
a. True b. False Indicate whether the statement is true or false
By raising the legal reserve requirement, the Fed
a. increases the money supply b. decreases the discount rate c. buys bonds through open market operations d. seeks to influence fiscal policy e. restricts banks' abilities to make loans
In the long run, a profit-maximizing firm will choose to exit a market when
a. average fixed cost is falling. b. variable costs exceed sunk costs. c. marginal cost exceeds marginal revenue at the current level of production. d. total revenue is less than total cost.
An adverse supply shock will cause output
a. and prices to rise. b. and prices to fall. c. to rise and prices to fall. d. to fall and prices to rise.