The effective owner of a resource is the person who
A) can appropriate the income that arises from selling the services of the resource.
B) enjoys physical possession of the resource.
C) has legal title to the resource.
D) has mixed the resource with individual effort to create private property.
A
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Government expenditures included in the expenditure approach to GDP include ________
A) Social Security and education B) net exports C) buying a new bomber D) Both answers A and C are correct.
Placing restrictions on business opportunities through government licensing and other controls
(a) is not allowed now and never has been in American history. (b) is not allowed now but was provided for by the Constitution and allowed until the 20th century. (c) is allowed now but was not allowed during the colonial period nor in the decades immediately following the establishment of the new nation. (d) has always been allowed in American history.
A dividend is the
A. corporation’s periodic payments to bondholders. B. the monthly compensation to the corporation’s board of directors. C. a payment of some of the corporation’s profits to its stockholders. D. a payment made to banks and other sources of funding for the corporation.
Which of the following properties hold true for the equilibrium price-quantity combination?
a. Buyers who are willing to pay higher than the equilibrium price do not find sellers. b. At the equilibrium price producer surplus equals consumer surplus. c. The equilibrium output is produced at the lowest avoidable cost. d. The equilibrium output is produced at the lowest opportunity cost.