Individual property rights are the right of the government to own, use, and dispose of resources in an economy.
Answer the following statement true (T) or false (F)
False
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In the utility maximizing model, consumer preferences are assumed to be transitive. What does this mean?
A) that consumers have the freedom to change their preferences from time to time B) that consumers prefer more of a good to less C) that consumers go through cycles in their consumption behavior D) that consumers have preferences that are relatively consistent in the time period under consideration
An example of a unilateral transfer is
A) a gift to a relative who lives abroad. B) a check received in payment for an import. C) gold payments to foreign companies. D) SDR payments to world creditors.
Higher interest rates and, therefore, a decrease in investment spending are most likely to be caused by which policy mix?
A. Deficit reduction and expansionary monetary policy B. Larger deficits and contractionary monetary policy C. Larger deficits and expansionary monetary policy D. Deficit reduction and contractionary monetary policy
Suppose a market were currently at equilibrium. A rightward shift of the supply curve would cause a(n)
A) increase in price but a decrease in quantity. B) decrease in price but an increase in quantity. C) increase in both price and quantity. D) decrease in both price and quantity.