Are abundant natural resources good or bad for economic growth?
The answer to this question is debatable. Abundant natural resources can help the people of a country achieve high growth rates and income levels. However, if the institutions and policies fail to protect property rights, enforce contracts even-handedly, and encourage productive behavior, even resource-rich countries fail to develop and achieve high levels of income. Further, abundant natural resources will often discourage needed institutional reforms and may generate conflict over the division of the benefits derived from the resources. Some economists have referred to this as the "resource curse." Thus, resource riches generate mixed economic outcomes.
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Suppose a market has only one seller and only one buyer of a good in the market. The buyer is willing to pay $50 for the good and the seller is willing to accept $15. The market price of the good is determined at $30
If they trade, the social surplus will be ________. A) $15 B) $35 C) $45 D) $65
One of the things that employers can do to lessen the moral hazard problem involving their employees is to pay them in advance for their work
a. True b. False Indicate whether the statement is true or false