Sudden and extensive changes in property rights make social cooperation less effective by
A) encouraging excessively conservative attitudes.
B) inducing people to save for the future rather than spending now.
C) making planning more difficult.
D) reducing the power of government to manage the economy.
C
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A country has a comparative advantage in the production of a good if it can
A) trade off producing the good for another good. B) produce more of the good than another country. C) produce the good on and remain on its production possibilities frontier. D) produce more of the good most efficiently. E) produce the good at the lowest opportunity cost.
Refer to Scenario 14-2. As a result of Kristy's deposit, Bank A can make a maximum loan of
A) $2,000. B) $8,000. C) $10,000. D) $50,000.
In a competitive market the demand curve shows the ________ received by consumers and the supply curve shows the ________
A) economic surplus; opportunity cost B) utility; average cost. C) marginal benefit; marginal cost D) net benefit; net cost
An oligopsony exists if
A. Only one firm accounts for most of the industry's employment. B. There is no buyer concentration in the labor market. C. Only a few firms produce most of the industry's output. D. Only a few firms account for most of the industry's employment.