Institutions are:
a. the rules of the game
b. how resources are allocated
c. illustrations of the laws of scarcity
d. organizations that operate on a non-profit basis
e. none of the above
A
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Dividing the nation's income among the factors of production, the largest percentage is paid to
A) labor B) land C) capital D) entrepreneurship E) labor and capital, with each receiving about 41 percent of the total income.
According to your text, the economic way of thinking focuses on
A) actions, interactions, and consequences. B) intentions, motivations, and results. C) hypothesis generation, determination of control group, and testing of hypothesis. D) id, ego, and superego.
An increase in the nominal interest rate
A) shifts the demand for money curve rightward. B) shifts the demand for money curve leftward. C) leads to an upward movement along the demand for money curve. D) leads to a downward movement along the demand for money curve.
The use of common property resources:
A. reduces positive externalities in many cases. B. reduces negative externalities in many cases. C. leads to positive externalities in many cases. D. leads to negative externalities in many cases.