When private ownership rights are well-defined and enforced, owners of physical assets and resources will have an incentive to do which of the following?
What will be an ideal response?
Consider the wishes of others before using their resources.
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Which of the following statements is FALSE?
a. The rationing function of prices is not allowed to freely operate when the government imposes price controls. b. Price controls may take the form of price ceilings or price floors. c. Price ceilings below the equilibrium price can cause black markets to develop. d. Rent controls are examples of price floors.
If the price level rises in the United States but not in foreign nations and the current exchange rate does not change, the expected future exchange rate
A) rises. B) falls. C) stays the same. D) You can't tell from the given information.
Does the law of diminishing returns apply to capital as well as labor? Explain why or why not
What will be an ideal response?
A ___________ exchange rate is a policy to allow the foreign exchange market to set the exchange rate of a currency.
a. pegged b. floating c. set d. dynamic