When resources are commonly owned, there are incentives in place to ensure that the resources are used efficiently
a. True
b. False
Indicate whether the statement is true or false
False
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Use the following figure to answer the question below.
The combination of sixty-five pounds of corn and fifteen pounds of green beans is
A. not efficient. B. not attainable but efficient. C. attainable and inefficient. D. not attainable.
Which of the following is an example of labor income?
A) Dividend received by shareholder B) Profit earned by an entrepreneur C) Rent paid to a landlord D) Bonus paid to a worker
Everything else equal, an appreciation of the dollar will:
A) cause the net exports of the U.S. to increase. B) cause the U.S. GDP to fall. C) not affect U.S. GDP. D) cause the U.S. GDP to increase.
Which of the following sayings best reflects the concept of opportunity cost?
a. "You can't teach an old dog new tricks." b. "There is no such thing as a free lunch." c. "I have a baker's dozen." d. "There's no business like show business."