Providing citizens with enforceable property rights to resources
a. increases resource conservation and decreases wasteful resource use.
b. promotes economic prosperity and thus increases demand for environmental quality.
c. provides people with a strong incentive not to damage the privately owned resources of others.
d. does all of the above.
D
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An economy produces only 1,000,000 computers valued at $2,000 each. Of these, 200,000 are sold to consumers, 300,000 are sold to businesses, 300,000 are sold to the government, and 100,000 are sold abroad. No computers are imported. At the end of the year, the computer manufacturers hold the unsold computers in inventory. What is the value of the investment component of GDP?
A. $0.8 billion B. $0.3 billion C. $0.4 billion D. $0.6 billion
The elasticity of demand for gasoline is likely to be relatively low in the short term and higher as the period of time gets longer.
Answer the following statement true (T) or false (F)
Which of the following would prevent a labor market from being classified as perfectly competitive?
a. It is difficult for new workers to enter the market. b. All workers have the same abilities. c. Exiting the market is easy for workers who are currently in the market. d. Both buyers and sellers of labor are well-informed about market conditions. e. Each firm hires only a tiny fraction of the total labor in the market.
An organization of sellers designed to coordinate their supply decisions to maximize joint profits is called a
a. consumer cooperative. b. marketing association. c. regulatory agency. d. cartel.