Choose the statement that is correct:
A. The opportunity cost of a good is equal to its price
B. Search activity occurs only in markets where there is a shortage
C. Search activity decreases the cost of housing in a rent-controlled market.
D. When a price is regulated and there is a shortage, search activity increases.
D. When a price is regulated and there is a shortage, search activity increases.
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A political system that promotes the free and open exchange of ideas:
A. will not have well-defined property rights. B. slows the development of new technologies and products. C. is detrimental to economic growth. D. increases average labor productivity.
Students can change the direction of the greater society through volunteering and other forms of involvement. They are also subject to the greater economy and environment. In the 1990s, college students, for the most part:
a. Enjoyed a strong economy with multiple job choices and a technology explosion. b. Flooded into social work and helping others professions c. Questioned authority and dealt with years of unrest and change d. Conformed and were very conservative, held traditional values
According to Coase, the optimal allocation of resources is guided by
a. the decisions of a firm's managers b. market prices when market transaction costs are greater than the firm's internal organization costs c. the decisions of a firm's managers when market transaction costs are greater than the firm's internal organization costs d. the decisions of a firm's managers when market transaction costs are less than the firm's internal organization costs e. entrepreneurs
If the exchange rate is 80 yen per dollar, then a hotel room in Tokyo that costs 25,000 yen costs $200
a. True b. False Indicate whether the statement is true or false