The ability of an individual to own and exercise control over scarce resources is called
a. market failure.
b. property rights.
c. externality.
d. market power.
b
You might also like to view...
Typically during a recession
A) incomes fall, and unemployment falls. B) incomes and unemployment rise. C) incomes fall, and unemployment rises. D) incomes increase, and unemployment falls.
Stagflation is:
A. high inflation despite low economic growth and low unemployment. B. low economic growth, despite low inflation and low unemployment. C. high unemployment, despite low inflation and low economic growth. D. high inflation along with low economic growth and high unemployment.
In recent years, technological improvements and the Internet have substantially reduced transaction costs and expanded the availability of low-cost access to information, communications, and entertainment. Most economists believe that these changes Select one:
a. cause GDP to overstate the growth rate of real output and the improvement in the well-being of people. b. cause GDP to understate the growth rate of real output and the improvement in the well-being of people. c. cause the consumer price index to increase more rapidly than the general level of prices. d. reduce the gains from trade and thereby cause GDP to decline.
If the price of a candy bar is $1 and the price of a fast food meal is $5, then the
A) relative price of a candy bar is 5 fast food meals per candy bar. B) money price of a candy bar is 1/5 of a fast food meal per candy bar. C) relative price of a fast food meal is 5 candy bars per fast food meal. D) money price of a fast food meal is 1/5 of a candy bar per fast food meal.