A share of stock is best defined as a
A. fixed-income security.
B. share of ownership in a company.
C. nontransferable loan backed by real estate.
D. transferable loan backed by the assets of the company.
Answer: B
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From an economist's perspective, why are property rights and the rule of law so important for economic development?
A. They create incentives and stability for economic growth and development. B. They discourage all criminal activity that encourages economic growth and development. C. They provide a creative environment that encourages economic growth and development. D. They prevent other countries from benefiting from trade, which helps our economic growth and development.
Refer to Table 14-3. Which of the following statements is true?
A) The Nash equilibrium is a noncooperative, dominant strategy equilibrium. B) The Nash equilibrium is a cooperative equilibrium. C) There is no Nash equilibrium in this game because each party pursues its dominant strategy. D) The Nash equilibrium is a collusive equilibrium.
Scarcity refers to
A) a shortage in a good or service. B) the ability of society to consume all that it produces. C) the inability of society to satisfy all human wants because of limited resources. D) the inability of an individual to purchase a good or service due to her limited income.
Using two carefully-labeled diagrams, explain how MPL and APL can be derived from a firm's production function. In your answer, explain the relationship between average and marginal product.
What will be an ideal response?