Which of the following is the best example of a person NOT having clear property rights?

A. a city parks worker who inherits his uncle's town house
B. a dairy farmer who pays off the mortgage on his farm
C. a medical student who lives on campus for his first year of studies
D. a retired college professor who builds a bungalow on her oceanfront property


Answer: C

Economics

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Automatic stabilizers are provisions in the law which create automatic ________ in government spending or ________ in taxes when real output declines.

A. decreases; decreases B. increases; increases C. increases; decreases D. no change; no change

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If the demand faced by a firm is inelastic, selling one more unit of output will

a. increase revenues. b. decrease revenues. c. keep revenues constant. d. increase profits.

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A firm's producer surplus equals its:

A. profit less its avoidable costs. B. revenue less its avoidable costs. C. profit less sunk costs. D. revenue less sunk costs.

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According to Tobin’s q theory of investment,

a) when the stock market undervalues a company, the company should invest in capital expansion b) when a firm’s bond prices rise, the firm should sell off existing assets c) borrowing funds by issuing bonds is always a less expensive way than issuing stock to raise funds for investment d) a firm should buy capital when its stock market valuation exceeds the replacement cost of capital e) firms should invest at a constant rate each month, a practice known as dollar-cost averaging

Economics