For social cooperation to be promoted, an effective system of property rights will be one in which people
A) behave cautiously and considerately because their rights are not clear.
B) enjoy most rights in common with all other members of the society.
C) know exactly what their rights are and don't expect them to change significantly.
D) know their rights are always dependent upon continuing majority approval.
E) realize the rules of the game can change at any moment.
C
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The opening of a new American-owned factory in Algeria would tend to increase Algeria's GDP more than it increases Algeria's GNP because some of the income from the factory accrues to people who do not live in Algeria.
a. true b. false
The likely result of an economy operating at full employment is:
a. cost-push inflation. b. demand-pull inflation. c. a lower rate of growth. d. hyperinflation.