Which of the following is not a problem with poorly defined property rights?
a. Insufficient incentive exists to produce resources that cannot be protected.
b. Resources will tend to be underutilized.
c. Individuals may be able to use resources without paying for them.
d. Little incentive to conserve on the use of poorly defined resources.
b
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An international financial crisis is
A) when a major bank defaults. B) the rapid withdrawal of foreign investments and loans from a nation. C) when at least one developing country defaults on its loans. D) when a world leader is deposed from office.
The number of highly skilled and knowledge workers entering the workforce increases when
(a) firms substitute capital for high priced labor. (b) the market demands labor with advanced degrees. (c) the government cuts educational funding. (d) All of the above
Your opportunity cost of choosing a particular activity
a. can be easily and accurately calculated b. cannot even be estimated c. does not change over time d. varies, depending on time and circumstances e. is measured by the money you spend on the activity
A demand schedule
A) holds all prices constant. B) is only for a given time period. C) holds quantity constant. D) is for a given variety of goods.