Private property rights are important because:
a. they create incentives for people to improve their standard of living.
b. the Constitution says so.
c. they allow students to choose their major field of study in college.
d. an economy cannot function without them.
e. goods cannot be produced without them.
a
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Which of the following would be illegal according to the Robinson-Patman Act
a. "Party Packers" getting 10cents off every pack of ribbon they buy after 1000 units b. "Sideline Superstore" receiving 50 cents off a crate of strawberries since it buys from many other suppliers c. "Sam's Sandwiches" receiving 5 cents off per pound of cheese, since they are closer to the warehouse of the supplier d. None of the above
A firm will shut down in the short run if
A. P < AVC. B. P > AVC. C. AVC > AFC. D. TR > TC.
Which of the following will not cause a movement along the supply curve?
a. Changes in the sellers' expectations. b. Increases in taxes per unit of output. c. Advances in technology. d. All of these.
The ___________ balance measures the gap between a country’s exports and its imports.
a. trade b. import c. export d. deficit