One of the characteristics of a command economy is
A. free enterprise.
B. complex markets.
C. the pursuits by individual and firms of their own self-interest without any central direction or regulation.
D. central planning.
D. central planning.
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Tariffs discourage imports by making imported products more expensive to consumers
a. True b. False Indicate whether the statement is true or false
If the price of inputs rises and foreign income rises:
a. Price index rises, and real GDP rises. b. Price index rises, and real GDP falls. c. Price index rises, and the change in real GDP is uncertain. d. Price index falls, and real GDP rises. e. Price index falls, and real GDP falls.
Figure 18-2
illustrates supply and demand for U.S. dollars and British pounds in the foreign exchange market. Which of the following would cause the demand for foreign exchange (pounds) to shift from D1 to D2?
a.
an increase in the real interest rate in Britain relative to the United States
b.
higher inflation in Britain than in the United States
c.
higher income growth in Britain than in the United States
d.
an increase in the number of British citizens vacationing in the United States
My neighbor has broken one window of my house. I have legal recourse to sue for damages because of
A. private property rights. B. common property rights. C. social costs. D. transactions costs.