Private property:
A. discourages cooperation because people don't want to part with what they own.
B. discourages innovation, as people are often afraid to risk losing their own property.
C. encourages owners to maintain or improve their property so as to preserve or enhance
value.
D. does everything indicated by the other answers.
Answer: C
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The inauguration of a new President often increases the degree of optimism in business firms and households, causing Ap to
A) rise and IS to shift leftward. B) fall and IS to shift leftward. C) fall and IS to increase. D) rise and IS to shift rightward.
Gordon characterizes Modigliani as a prominent activist yet several implications of his life cycle hypothesis support the non-activists. One of these implications is
A) transitory increases in income associated with the business cycle are not expected to last a lifetime so current consumption is relatively stable. B) permanent increases in income associated with the business cycle are not expected to last a lifetime so current consumption is relatively stable. C) transitory increases in income associated with the business cycle are not expected to last a lifetime so current consumption is relatively unstable. D) transitory increases in income associated with the business cycle are to last a lifetime so current consumption is relatively stable.
Price elasticity of supply is always
A) positive because of the law of supply. B) negative because of the law of supply. C) positive because of diminishing marginal utility. D) negative because percentages can only be negative.
Government debt held by citizens of a country is:
A. more like an individual's debt because paying interest on it involves no net reduction in domestic income. B. more like an individual's debt because paying interest on it involves a net reduction in domestic income. C. less like an individual's debt because paying interest on it involves no net reduction in domestic income. D. less like an individual's debt because paying interest on it involves a net reduction in domestic income.