Rent is the payment received by resource owners for the use of their natural resources
a. True
b. False
A
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The Coase theorem is the proposition that if property rights exist, the number of parties is small, and transactions costs are low
A) external costs result in deadweight losses. B) external benefits result in deadweight losses. C) private transactions are efficient. D) public transactions are efficient.
When economists speak of normal goods they mean goods for which
A) the demand curve slopes downward. B) marginal utility is positive. C) marginal utility decreases as consumption increases. D) demand decreases when incomes fall.
Factories owned by U.S. firms on the Mexican side of the U.S.-Mexico border are:
A. an important source of foreign direct investment in Mexico. B. not an example of foreign direct investment in Mexico. C. troubling for the Mexican government. D. harmful to Mexico's efforts to increase their economic growth.
As a nation's average education level increases, the nation's level of productivity
A. Decreases, and the nation's production possibilities curve shifts to the left. B. Increases, and the nation moves to a new point on the same production possibilities curve. C. Increases, and the production possibilities curve shifts to the right. D. Decreases, and the nation moves to a new point on the same production possibilities curve.