Property rights allowing individuals to own goods, services, and factors of production are MOST important in
a. socialistic economies.
b. planned economies.
c. capitalistic economies.
d. command economies.
Answer: c. capitalistic economies.
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Last year in the United States, the price of snowboards rose by 5 percent and the price rise resulted in a 15 percent increase in the quantity supplied. This outcome is an indication that
A) the supply curve of snowboards shifted rightward. B) the supply of snowboards is price elastic. C) some firms entered into the snowboard industry. D) All of the above answers are correct.
In order to increase the confidence of investors, the new President of Montesia provides lucrative tax incentives to its investors. This will result in a(n):
a. increase in the level of planned investment spending of firms b. decrease in the level of investment spending that is financed through borrowed money. c. decrease in the level of production of firms. d. increase in the average price level of the economy.
Which of the following policies would be most likely to reduce the efficiency of a country's economic organization?
a. a legal structure that establishes secure property rights b. imposition of tariffs and other barriers limiting international trade c. competitive markets d. a stable monetary system
If the quantity supplied is exactly the same regardless of the price, supply is