Private property rights help to ensure an efficient use of resources, because owners of the resources must bear the costs of inefficient use
a. True
b. False
Indicate whether the statement is true or false
True
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If the elasticity of supply of TV sets is equal to 3, then a 10 percent increase in the price of a TV will
A) increase the quantity supplied by 3.33 percent. B) increase the quantity supplied by 30.0 percent. C) increase the quantity supplied by 0.33 percent. D) decrease the quantity supplied by 30.0 percent.
The school of economic thought that emphasized the importance of incentives to encourage savings, investment, and productivity is known as ________ economics.
Fill in the blank(s) with the appropriate word(s).
All these increase differentiation, except
a. Product branding b. Reducing quality c. Advertising d. Limiting availability
If a market economy was in a recession, which of the following would help direct it back toward the full employment rate of output?
a. an increase in the rate of inflation b. lower resource prices and lower real interest rates c. higher resource prices and higher real interest rates d. a decrease in the natural rate of unemployment