In a market where the equilibrium price is $7, any price higher than $7 would cause
a. a balanced demand and supply
b. an excess supply
c. an excess demand
d. none of the above
b
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The present value of a property is the
a. loanable funds used to purchase the property b. profit earned by landlords c. value today of the stream of returns a property will generate in the future d. interest rate divided by the annual return of a property e. rent derived from owning the property
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
Net capital outflow (NCO) is:
A. domestic dollars invested internationally. B. capital outflow ? capital inflow. C. capital inflow ? capital outflow. D. foreign dollars invested domestically.
If price rises, what happens to quantity demanded for a product?
a. It increases. b. It decreases. c. It does not change. d. Uncertain-economic theory has no answer to this question.