Which of the following will most likely occur under a system of clearly defined and enforced private property rights?
a. Resource owners will fail to conserve vital resources, even if they expect their scarcity to increase.
b. Resource owners will ignore the wishes of others, including others who would like to use the resource that is privately owned.
c. Resource owners will fail to consider the wishes of potential future buyers when they decide how to employ privately owned resources.
d. Resource owners will gain by discovering and employing their resources in ways that are highly valued by others.
d. Resource owners will gain by discovering and employing their resources in ways that are highly valued by others.
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Consider two individuals, Nigel and Mia, who produce hair pins and bandanas. Nigel's and Mia's hourly productivity are shown in Table 3.3. Mia's opportunity cost of producing one hair pin is
A) 1/3 of a bandana. B) 2.5 bandanas. C) 3 bandanas. D) 10 bandanas.
Which of the following would not shift the supply curve?
A) A rise in the price of the good B) A fall in the expected future price of the good C) A rise in the costs of production of the good D) A negative supply shock that destroys a portion of output
Which of the following best illustrates a perfectly competitive market?
A. jeans B. breakfast cereal C. electric power D. soybeans
The difference between the exports and imports of goods in a country is referred to as the
A) balance of payments. B) balance of trade. C) balance of power. D) exchange rate.