When a society's economic institutions provide secure property rights, set up a judicial system that enforces contracts and upholds the law, allow private parties to sign contracts for economic and financial transactions, and maintain relatively free
entry into different businesses and occupations, the institutions in the society can be said to be:
A) inclusive. B) extractive. C) exogenous. D) exclusive.
A
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When the market price is set above the equilibrium price:
A. the market is not efficient. B. total surplus is not maximized. C. consumer surplus is decreased. D. All of these are true.
The Dodd-Frank bill is new financial regulation
Indicate whether the statement is true or false
The supply curve for products that require skilled labor and a large amount of capital is usually_______
Fill in the blank(s) with the appropriate word(s).
People participate in international trade basically because:
A) they are better off by doing so. B) they must. C) it makes other countries better off. D) they prefer to share their income with people in other countries.