Well-defined and actively-enforced private property rights are necessary to the efficient operation of markets work because they prove that a person
a. owns what he or she is selling
b. has the right to buy
c. will make a profit
d. will satisfy his or her wants
Answer: a. owns what he or she is selling
Economics
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An example of economies of scale in the provision of financial services is
A) investing in a diversified collection of assets. B) providing depositors with a variety of savings certificates. C) hiring more support staff so that customers don't have to wait so long for assistance. D) spreading the cost of writing a standardized contract over many borrowers.
Economics
If the unit cost of output for a computer is $2,000 and if firms' average markup is 10 percent, what is the total cost to the consumer?
a. $2,000 b. $2,010 c. $2,020 d. $2,200 e. $20
Economics