The economic system characterized by private ownership of resources and market is:
A. capitalism.
B. communism.
C. fascism.
D. socialism.
Answer: A
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According to ________, the law's assignment of property rights would have no effect on the way resources would end up being used
A) Milton Friedman B) Ronald Coase C) Aaron Director D) George Stigler
Why are people more inclined to pick up a dime off the pavement in a parking lot, but not so inclined to dig three feet into the earth for a previously-buried dime?
A) The entrepreneurial spirit of Americans is gone. B) They don't know the value of the dollar—or dime—anymore. C) They weigh the expected additional costs and benefits, and choose accordingly. D) People haven't taken enough economics in college.
Refer to Figure 12-17. The graphs depicts a short-run equilibrium. How will this differ from the long-run equilibrium? (Assume this is a constant-cost industry.)
A) The price will be higher in the long run than in the short run. B) The market supply curve will be further to the left in the long run than in the short run. C) The firm's profit will be lower in the long run than in the short run. D) Fewer firms will be in the market in the long run than in the short run.
Activities designed to convert resources into goods and services is known as
A) supply. B) consumption. C) production. D) scarcity.