Private property rights are important because:
a. they create incentives for people to improve their standard of living.
b. the Constitution says so.
c. they allow students to choose their major field of study in college.
d. an economy cannot function without them.
e. goods cannot be produced without them.
a
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An argument in favor of 100 percent reserve banking is that
A) a bank deposit is owned by the depositor, so the bank has no legal right to lend the deposit to someone else. B) banks should be allowed to lend deposits in order to increase their profits and strengthen the banking system. C) unregulated institutions would be riskier than regulated fractional-reserve banks. D) it would limit the precision of the central bank's control over the quantity of money.
A labor market monopsony
A) has a marginal cost of labor curve that lies above the labor supply curve. B) has a marginal cost of labor curve that lies below the labor supply curve. C) is a labor market in which the firm has an elastic demand for labor. D) is a labor market in which the firm has an inelastic demand for labor.
Refer to Figure 2-14. Which country has a comparative advantage in the production of popsicles?
A) Greenland B) They have equal productive abilities. C) Iceland D) neither country
When a falloff in usage of a product by some consumers causes others to stop purchasing the item there is
A) price leadership. B) negative-sum game. C) positive market feedback. D) negative market feedback.