Secured and enforced individual property rights provide individuals with incentive to allocate resources efficiently and effectively, advance technologically, take on strategic risks and trade domestically and internationally
Indicate whether the statement is true or false
True
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The opening of export markets for primary products can provide employment for previously underutilized land and labor. The term for this is
(a) vent for surplus. (b) comparative advantage. (c) Prebisch-Singer thesis. (d) barter trade.
When marginal cost is below average total cost:
a. total cost is falling. b. total cost is rising. c. average total cost is falling. d. average fixed cost is rising. e. total variable cost is falling.
Countercyclical fiscal policy can
a. only be employed in reaction to an existing recession b. only be employed in reaction to an existing boom c. be employed to prevent a potential recession or boom or in reaction to an existing recession or boom d. only be employed to prevent a potential boom e. only be employed to prevent a potential recession
If there are external benefits for good X then which of the following would be true?
a. The socially efficient amount of good X can be achieved if society subsidizes consumers of good X. b. The socially efficient amount of good X will be equivalent to the free market equilibrium quantity. c. The socially efficient amount of good X can be achieved if society taxes consumers of good X. d. The socially efficient amount of good X does not exist.