When is the definition and enforcement of property rights especially difficult?
a. when many polluters harm a large group of people by emitting the same pollutant
b. when a single polluter is harming a single person or entity
c. when land is owned by a corporation
d. when the benefits of prosecution are clear
A
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An increase in real GDP
A) increases the buying and selling of goods and decreases the demand for money as a medium of exchange. B) decreases the buying and selling of goods and decreases the demand for money as a medium of exchange. C) decreases the buying and selling of goods and increases the demand for money as a medium of exchange. D) increases the buying and selling of goods and increases the demand for money as a medium of exchange.
From 1980 through 2010, the debt-to-GDP ratio in the United States
A) is considered high by U.S. historical standards. B) has more than quadrupled. C) has slowly declined. D) has remained about average compared to countries in the OECD.
According to the Economics in Action story “A Crushing Reversal” in the slides of chapter 7, what happened to the market for wine in the US between the mid-1990s and 2002? In the mid-1990s, demand for wine in the US increased, which first resulted in higher wine prices and profits until…
A) some producers exited the market so that lower supply pushed prices up even further. B) some producers exited the market so that lower supply pushed prices down again. C) new producers entered the market so that higher supply pushed prices up even further. D) new producers entered the market so that higher supply pushed prices down again.
Aggregation involves adding together different products and services.
Answer the following statement true (T) or false (F)