A property right _____
a. gives the owner the right to do whatever she pleases with the property
b. applies to homes and cars, but not to other types of property
c. does not free an individual from related obligations
d. is limited by a person's ability to protect it from predators
c
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In the Solow model, the faster growth of output that results from an increase in the saving rate is temporary, because ________
A) of diminishing marginal product of capital B) with a larger stock of capital, consumption is encouraged more than investment C) the rising capital stock depreciates at a faster rate D) the economy settles into a steady state in which saving no longer rises
If the price of a good falls, the marginal utility per dollar received from consuming a specific unit of that good
a. also falls b. stays the same c. rises d. will rise or fall, depending on the consumer e. remains unchanged, provided the consumer buys no more of the good
The typical monopolistically competitive firm always earns an economic profit in the long run, regardless of whether or not it advertises
a. True b. False
As the information technology advances and consumers buy products requiring more and more technology, the wages of people with high level programming and other technical skills would