When private ownership rights are well-defined and enforced, owners
a. can ignore the wishes of others, without bearing the cost.
b. have little incentive to take care of things.
c. can do anything they want with their property.
d. can be held accountable for damage to others through misuse of their property.
D
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Refer to Table 20.1. George is a single taxpayer with an income of $65,000. What is George's marginal tax rate?
A) 19% B) 27% C) 38% D) 57%
If a price ceiling were established above the equilibrium price,
A) it would have no effect on the quantity demanded. B) it would create a shortage. C) it would create a surplus. D) none of the above.
An asset that can easily be exchanged for goods and services is referred to as:
a. an intangible asset. b. a productive resource. c. a liquid asset. d. a fixed asset. e. a scarce resource.
Perfect competition has all of the following features except
a. large number of firms b. goods that are perfect substitutes c. no barriers to entry d. brand loyalty e. firm has insignificant market share