A system of private property rights
A. retards economic growth by serving the interests of the wealthy only.
B. enhances economic growth by creating incentives for the government to sell its assets.
C. retards economic growth by limiting the options of people who own nothing.
D. enhances economic growth by inducing people to make capital investments today.
Answer: D
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Under what conditions would an increase in market demand lead to the same long-run equilibrium price?
A. Potential new firms in the market are not attracted by economic profits. B. The firms in the market are part of a constant-cost industry. C. The firms in the market are part of an increasing-cost industry. D. The firms in the market are part of a decreasing-cost industry.
If the capital—labor ratio is above the Golden Rule capital—labor ratio, then in the steady state,
A) capital per worker is above its maximum. B) output per worker is less than it would be at the Golden Rule capital—labor ratio. C) investment per worker exceeds output per worker. D) consumption per worker is not at its maximum.
The creation of a lender of last resort in the United States
A) occurred in response to banking panics. B) was mandated in the U.S. Constitution. C) occurred in response to the S&L crisis of the 1980s. D) has been recommended by the Treasury in its report of late 1992.
When Harlan County, Kentucky, has a monopsony coal mining firm,
a. d and e. b. workers will work for the firm that pays the higher wage. c. coal buyers will continue to buy coal from other counties. d. coal miners will only have one employer. e. wages will be determined only by the demand for labor.