When voluntary trade takes place,
A. both parties can benefit from the transaction.
B. one party can benefit at the expense of the other.
C. neither party can benefit from trade.
D. both parties can benefit but only if the government regulates the transaction.
Answer: A
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A key contribution of Ronald Coase is that he pointed out that private transactions are efficient when the number of parties involved is small
A) and when property rights are well defined and transactions costs are low. B) and when property rights do not exist. C) and that property rights are irrelevant to the existence of externalities. D) and when corporations are not greedy.
The factor accounting for most of the earnings difference between equally educated and experienced men and women is that women
A. receive less pay for equal work. B. are segregated into low-paying occupations. C. receive comparable pay only when they do work of comparable value to the employer. D. are prohibited by law from doing certain kinds of work.
How would the impact on the exchange rate differ if the Fed were to sell U.S. Treasury securities instead of selling an equal amount (in $ terms) of euros?
What will be an ideal response?
Personal income is equal to
A. national income minus (corporate income taxes and Social Security). B. NDP minus national income. C. disposable personal income plus personal income taxes. D. disposable personal income plus personal and corporate income taxes.