The exclusive rights of ownership of property are generally referred to as
A. level property rights.
B. public property rights.
C. private property rights.
D. common property rights.
Answer: C
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Real GDP per person is not an accurate measure of the standard of living because it ______
A. includes the goods and services that governments buy B. omits the goods and services that people produce for themselves C. includes goods and services bought by firms D. omits the goods and services imported from other countries
A college student is thinking about running an ice-cream truck over the summer. Which of the following would likely be an ongoing expense of the business?
A. The cost of the truck B. The cost of the gasoline used C. The cost of ice cream scoopers D. None of these is an ongoing expense.
Assume that banks become less conservative in their lending policies and start holding no excess reserves. Compared to a situation in which banks are holding excess reserves, the size of the money supply will be
A. the same. B. smaller. C. zero. D. larger.
Refer to the below graph. It shows the supply curve for a product before tax (S0) and after an excise tax is imposed (S1). The excise tax on the product is ultimately paid:
A. By buyers only
B. By sellers only
C. 75 percent by buyers and 25 percent by sellers
D. 25 percent by buyers and 75 percent by sellers