In medieval Europe an important technological advance was the use of the padded horse collar for plowing. Once this idea was thought of, other people used it. This illustrates that knowledge is generally a
a. public good.
b. societal good.
c. private good.
d. normal good.
a
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The Coase theorem states that if transaction costs are low, the number of parties is small, and property rights are well established
A) the government must intervene to eliminate any externalities in the market. B) private transactions are efficient. C) there will be no pollution. D) Both answers B and C are correct.
If decision makers adjust fully to demand stimulus policies, persistent expansionary macro-policy will lead to
a. inflation with no lasting reductions in unemployment. b. a permanent reduction in unemployment. c. lower interest rates. d. more rapid economic growth.
When U.S. net exports fall, which decreases the aggregate quantity of goods and services demanded, the dollar must have
a) depreciated b) reciprocated. c) appreciated. d) equivocated.
Which of the following is the second step when forming a group?
a. storming b. norming c. forming d. conforming