Suppose that Chloe opens a dog grooming business in a local shopping center. Which of the following would be an example of a factor of production used by Chloe? (i) her employees' time (ii) brushes, combs, scissors, and clippers (iii) shampoo, water, and flea prevention treatments (iv) Chloe's time spent on bookkeeping and bill paying
a. (i) only
b. (i) and (ii) only
c. (i), (ii), and (iii) only
d. (i), (ii), (iii), and (iv)
d
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Which one of the following statements is true?
a. Resources flow from the government to firms. b. Taxes flow from foreign economies to the government. c. Goods and services flow from households to foreign economies. d. Resources flow from households to firms. e. Resource payments flow from households to the government.
In perfect competition, as the long run approaches, economic profit will cause
a. the entry of new firms, shifting the market supply curve to the right b. the emergence of powerful monopolistic corporations c. inflation d. technological innovation e. government regulation
Given that income is $200 and the price of good Y is $40, what is the vertical intercept of the budget line?
A. 5 B. 1/5 C. 20 D. 8,000
Answer the following statement(s) true (T) or false (F)
1. In the absence of transactions costs, changes in property rights have no effect on economic efficiency. 2. In the absence of transactions costs, changes in property rights have no effect on the distribution of income. 3. Changes in property rights will not affect the allocation of resources as long as transactions costs are zero and the subsequent effects on market demand are negligible. 4. The weak Coase theorem is true when reallocation of property rights have negligible income effects . 5. According to the Coase Theorem, in the absence of transactions costs, recipients of an external benefit can be expected to offer a bribe in exchange for greater production.