Well-defined property rights give entrepreneurs the incentive to
A) engage in risky business endeavors in order to accumulate future wealth.
B) use the eminent domain laws to seize property for public use.
C) lobby Congress in order to increase environmental regulations.
D) evade taxes.
A
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If the increase in government expenditures of World War II (1941–45) is matched against the decrease in private investment and consumption during the same period, it was the end of World War II that officially concluded the depression era, not
the start of World War II, according to Robert Higgs (2007). Indicate whether the statement is true or false
Consider a broom factory that permanently closes because of foreign competition. If the broom factory's workers cannot find new jobs because their skills are no longer marketable, then they are classified as:
a. seasonally unemployed. b. frictionally unemployed. c. structurally unemployed. d. cyclically unemployed.
Suppose two companies, Macrosoft and Apricot, are considering whether to develop a new product, a touch-screen t-shirt. The payoffs to each of developing a touch-screen t-shirt depend upon the actions of the other, as shown in the payoff matrix below (the payoffs are given in millions of dollars).
Suppose Apricot makes its decision first, and then Macrosoft makes its decision after seeing Apricot's choice. What will be the equilibrium outcome of this game?
A. Neither Apricot nor Macrosoft will develop a touch-screen t-shirt. B. Apricot will develop a touch-screen t-shirt, and Macrosoft will not. C. Macrosoft will develop a touch-screen t-shirt, and Apricot will not. D. Both Apricot and Macrosoft will develop a touch-screen t-shirt.
If the United States raises tariffs on foreign goods, it may achieve
A. Higher efficiency in domestic production. B. Higher U.S. exports. C. Higher production possibilities. D. Greater profitability of import-competing firms.