An important prerequisite for the price system to work is an economy-wide respect for _______ rights
Fill in the blank(s) with correct word
property
You might also like to view...
More than 80 percent of the home heating oil used in the United States goes to the Northeast. In Vermont, the vast majority of people there use oil to stay warm when it's cold outside
Richard Izor heats his home with oil and inquires, "I'd like to see them come in and put a ceiling on the oil price now before it gets any higher. Why they haven't done this is more than I can understand." Which of the following is NOT likely to occur if such a price ceiling was imposed? A) There would be a surplus of heating oil. B) A heating oil shortage may occur. C) A black market for heating oil may be created. D) There would be an increase in inefficiency in the heating oil market.
What does the Gauss-Markov theorem prove? Without giving mathematical details, explain how the proof proceeds. What is its importance?
What will be an ideal response?
An oligopolist that cheats on a collusive agreement by reducing price will quickly be forced out of the industry by its competitors
a. True b. False
Identify the correct statement
a. During a recession, investment decreases while consumption increases. b. During a recession, investment increases while consumption decreases. c. During a recession, investment is constant while consumption increases. d. Annual variations in investment are larger than annual variations in consumption. e. Annual variations in investment are smaller than annual variations in consumption.