A sound legal system that protects individuals and their property,
a. cannot be expected until markets are already working well.
b. is vital to the smooth operation of markets.
c. is normally found in most economies of the world.
d. is helpful for the rich, but harmful to the economic well-being of others.
B
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Which of the following never assumes, either implicitly or explicitly, independence between nominal and real variables?
A) the AS curve B) the Phillips curve C) Okun's law D) the classical dichotomy E) none of the above
A Basic principle of economics is:
A) knowing your customer means understanding their income. B) there are costs involved in any action or decision. C) demand equals supply. D) equilibrium is beneficial. E) size and market share are important goals for a business.
If a hurricane were to wipe out the majority of the eastern seaboard in the United States, it would likely cause a:
A. short-run supply shock. B. long-run supply shock. C. long-run demand shock. D. short-run demand shock.
If the size of a tax doubles, the deadweight loss doubles
a. True b. False Indicate whether the statement is true or false