When people say, "government officials act on the basis of the property rights which they perceive," they mean
A) government officials are inherently conservative.
B) government officials do not have to be concerned about information being scarce.
C) government officials make decisions based on the expected consequences to themselves.
D) government officials will ordinarily not confiscate property without due process of law.
C
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The political functions of government differ from the economic functions of government in that
A) the political functions relate to income distribution while the economic functions relate to the way exchange is carried out. B) the political functions are performed at the federal government while the economic functions are at the state and local government levels. C) the political functions involve elections and the court systems while the economic functions involve taxation and transfers. D) the President deals with the economic functions while Congress deals with the political functions.
Another word for elasticity is:
a. responsiveness. b. happiness. c. bonus d. profit. e. surplus.
According to the shortrun (specificfactors) model, how will FDI affect the marginal productivity of labor in the recipient nation?
a. The MPL will rise in the production of both the labor and capitalintensive goods. b. The MPL will rise only in the production of the labor intensive good. c. The MPL will rise only in the production of the capitalintensive good. d. The MPL will fall in the production of both the labor and capitalintensive goods.
Explain why economic profits in all perfectly competitive markets will tend toward zero in the long run.
What will be an ideal response?