Secured property rights provide individuals with incentive to use the resources they own productively because they realize the gains from this use
Indicate whether the statement is true or false
True
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Assume you and your cousin Vinny set up a partnership and your lawyer tells you that as the owners you will each face unlimited liability. What does that mean?
A) There is no legal responsibility of the business in case a customer sues, as the business is legally untouchable. B) Each of you could stand to lose your personal wealth if the business goes bankrupt. C) You are each liable for organizing the business. D) None of these explain what unlimited liability means.
Market allocation and the political process differ in that
a. competition is present in the market sector but not in the political sector. b. scarcity is a constraint in the market sector but not the political sector. c. there is a one-to-one link between payment for and receipt of a good in the market sector, but this is often not true in the political sector. d. in the political sector, voters have a strong incentive to acquire information that will help them make better decisions, but in the market sector, consumers do not have much incentive to acquire information.
If consumers decide to buy fewer strawberries, then the
A. Demand for strawberry pickers will rise. B. Quantity demanded of strawberry pickers will fall. C. Demand for strawberry pickers will fall. D. Quantity demanded of strawberry pickers will rise.
If Linda’ annual income is $160,000 and she pays $35,000 in taxes, and Paul’s annual income is $100,000 and he pays $25,000 in taxes, the tax system is
A. regressive. B. progressive. C. proportional. D. degressive.