Stable property rights
A. are conducive to investment.
B. are found in countries with dictatorships.
C. are not necessary for rapid growth.
D. exist in all economies.
Answer: A
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Market failures include all of the following EXCEPT
A) equalization of quantity supplied and quantity demanded. B) public goods. C) positive externalities. D) negative externalities.
An extreme case where either the quantity demanded (Qd) or supplied (Qs) changes by an infinite amount in response to any change in price is called:
a. perfect elasticity. b. imperfect elasticity. c. strong elasticity. d. weak elasticity.
When resources are allocated politically, rent-seeking will
a. channel resources toward government programs that generate large benefits relative to costs. b. reduce GDP because it results in the wasteful use of resources. c. lead to wasteful, rather than productive, use of resources. d. improve the efficiency of resource use.
Which term do economists use to refer to a difference in wages that arises from nonmonetary characteristics of different jobs?
a. non-pecuniary differentials b. compensating differentials c. fundamental differences d. idiosyncratic differences