In the last three decades, air quality in American cities has improved
a. True
b. False
Indicate whether the statement is true or false
True
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If the actual capital stock exceeds the desired capital stock due to a cycle of overbuilding, then
A) net investment will fall dramatically. B) net investment will increase dramatically. C) net investment will not change. D) the effect on net investment is unknown.
A firm may find it optimal to stay in business in the short run even if total revenue does not cover total cost
a. True b. False
Which of the following is consistent with the law of demand?
A) People substitute higher-priced goods for higher-quality goods. B) People substitute some higher-priced goods for other higher-priced goods. C) People substitute lower-priced goods for higher-priced goods. D) People substitute some lower-priced goods for other lower-priced goods.
The institution of private property encourages:
A. easy exchange of some property because a formal title or deed exists. B. lack of easy exchange because ownership is sometimes hard to prove. C. lack of incentives because the owner is responsible for maintenance costs. D. lack of maintenance because people are not forced by law to do it.