Private property rights involve
A. rights granted by the government for renewable terms of 100 years or more.
B. exclusive rights to use, transfer, and exchange the property.
C. exclusive rights to use property, but not to exchange the property.
D. rights to enjoy the property in any way desired but not to transfer or exchange the property.
Answer: B
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Suppose that opportunity costs are constant and that Fred can either bake a maximum of six pies or three cakes in a day. Ethel can either produce a maximum of eight pies or two cakes in a day. Fred's opportunity cost to produce one cake is
A) one-half pie. B) two pies. C) six pies. D) four pies.
Where the monopolistically competitive firm in Figure 8.5 produces, it will:
A. make a positive economic profit. B. suffer a loss. C. make zero economic profit. D. make a negative economic profit.
Refer to the above table. How many worker will this firm hire if the weekly wage rate is $1350?
A. 27 B. 28 C. 26 D. 25
John Maynard Keynes was the author of
A. The Communist Manifesto. B. The Wealth of Nations. C. The General Theory of Employment, Interest, and Money. D. Eat the Rich: A Treatise on Economics.