Both indentured servants and slaves had rights in courts of law
Indicate whether the statement is true or false
False
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To assess whether or not a good is normal or inferior, economists are interested in the cross price elasticity of demand
a. True b. False Indicate whether the statement is true or false
Which of the following is not included as "net income" in the U.S. balance of payments?
a. Income paid by a U.S. company to foreign consultants. b. Profits earned by U.S. companies from foreign operations. c. Foreign dividends received by U.S. residents. d. Profits earned by U.S. companies from foreign operations and reinvested abroad. e. All the above are includedas net income in the U.S. balance of payments.
Which of the following statements is false?
a. The Clayton Act allows triple damages in civil lawsuits in order to encourage lawsuits against conspiring oligopolists. b. Many economists defend the practice of resale price maintenance on the grounds that it may help solve a free-rider problem. c. Most economists agree that predatory pricing is a profitable business strategy that usually preserves market power. d. The U.S. Supreme Court's view that the practice of tying usually allows a firm to extend its market power is not generally supported by economic theory.
What is the opportunity cost of leisure?
a. the relaxation a person gets b. the income given up by not working c. the vacation time taken d. the chance to socialize with friends and family