According to Douglass North, the Industrial Revolution occurred in England because
A) the British Parliament instituted a command economy structure and implemented a planned economy.
B) the British courts became tied to the king and began to refuse to enforce property rights.
C) the British Parliament took control of the government and could credibly commit to upholding property rights.
D) the British monarchy took control of the government and pledged not to raise taxes arbitrarily.
C
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A stock variable
a. measures a process that takes place over a period of time b. is used often used to measure the quantity demanded of a good at various prices c. is related to inventory controls d. measures a quantity in existence at a moment in time e. is a definition unique to economics
A takeover implies that
a. the common shareholders buy out the bondholders b. the government takes over the corporation c. someone or a group is able to purchase all of the outstanding common stock in a corporation d. the board of directors takes control of the corporation e. a proprietorship sells out to a partnership
________ and ___________ represent "new wave regulation"
Fill in the blank(s) with the appropriate word(s).
Which of the following is NOT characteristic of a monopolistically competitive industry?
a. monopoly profits b. many firms in the industry c. differentiated products d. Individual firms can influence the market price.