A basic understanding of economics is needed to be an informed citizen.
Answer the following statement true (T) or false (F)
True
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In describing the progress of the typical person in an economy, measuring the median income always does a better job than measuring the mean income
Indicate whether the statement is true or false
What is the great advantage of adjudication over legislation in the management of negative externalities?
A) Adjudication has lower costs. B) Adjudication maintains the continuity of expectations. C) Courts are bound by the rule of law and legislatures are not. D) Courts can act more quickly than legislatures. E) There are no clear answers in such cases.
Private property rights involve
a. the right to exclusive use of the property. b. legal protection against those who would seek to use or abuse the property without the owner's permission. c. the right to transfer, sell, exchange, or mortgage the property. d. all of the above.
Suppose that real GDP grew more in Country A than in Country B last year
a. Country A must have a higher standard of living than country B. b. Country A's productivity must have grown faster than country B's. c. Both of the above are correct. d. None of the above are correct.