When property rights are clearly defined and enforced, private owners will
a. use their property for selfish ends because they have little or no incentive to consider the desires of others.
b. develop and direct their property toward uses that others value highly because the market will generally reward them for doing so.
c. have little or no incentive to take care of their property or conserve it for the future.
d. be unable to derive personal gain if they are sensitive to the desires of others when deciding how to use their property.
B
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If instead of working on his own as a consultant making $25,000, Joe takes a job at a bank, the $25,000 is
A) an opportunity cost. B) a depreciation. C) a loss. D) an accounting profit.
Federal funds rate targets and reserve targets are incompatible when the Federal Reserve wants to
A) expand reserves and lower interest rates. B) expand reserves and raise interest rates. C) contract reserves and the money supply. D) contract reserves and raise interest rates.
A perfectly competitive firm may earn economic profits in
a. only the short run. b. only the long run. c. the short run and the long run. d. neither the short run nor the long run.
Employees with less experience tend to earn less than employees with more experience, because
A. experience is a compensating differential. B. the government requires that more-experienced employees be paid more than less-experienced employees. C. experience on the job increases an employee's human capital. D. it is only fair that a more-experienced employee be paid more than a less-experienced employee.