Property rights are useful in predicting behavior when we define ownership of a resource as
A) a moral claim to a particular resource.
B) legal title to the resource.
C) physical possession of the resource.
D) the ability to appropriate the benefits from use of a resource.
D
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The demand curve for an inferior good can never be downward sloping
Indicate whether the statement is true or false
Marginal product is defined as
a. the increase in revenue that occurs when an additional unit of a resource is added b. the increase in output that occurs when all resources are increased by the same proportion c. the increase in output that occurs when an additional unit of a resource is added, holding all other resources constant d. the amount of additional resources needed to increase output by one unit when all resources are increased by the same amount e. the amount of additional money needed to increase output by one unit when all resources are held constant
A single bank with $10,000 of reserves and a reserve ratio of 25 percent could support total transactions account balances of at most
A. $25,000. B. $5,000. C. $10,000. D. $40,000.
What is the main function of leading indicators?
a. They provide information about the direction in which an economy might be moving in the short term future. b. They reveal important structural deficiencies in an economy and are therefore useful for predicting long-term economic growth potential. c. The index of leading indicators is the key measure of a nation's economic growth and development. d. They show how to correct economic recessions and/or hyperinflation. e. Leading indicators are exclusively used by central bankers to help them determine the monetary base.