Pollution from a privately owned factory that seriously harms a privately owned forest will, if property rights are strongly protected,
a. not result in penalties to the polluter, who has a right to use his property as he wishes.
b. make the polluter liable for any damages done to the forest.
c. be ignored under the law, in favor of the polluting factory owner.
d. never occur.
B
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The rapid growth of the Chinese economy should
A) benefit U.S. consumers as they have access to less-expensive consumer goods. B) make it more difficult for citizens of the United States to find jobs. C) not affect the mix of jobs available to citizens of the United States. D) A and B
Which of the following is true of hyperinflation?
a. It causes the value of a currency to deteriorate so quickly that people become reluctant to hold that currency. b. It is a situation in which people hoard currency expecting its value to increase in recent future. c. It is a simultaneous increase in inflation and decrease in the quality of products. d. It occurred in the United States in the 1970s. e. It is a synonym for cost-push inflation.
Gold, silver and furs, when used as money, are referred to as
a. fiat money b. precious money c. paper currency d. commodity money e. exchange money
During the financial crisis of 2008, the unemployment rate
A. fell by less than expected. B. barely changed. C. fell dramatically. D. rose dramatically.