According to the quantity theory of money, if the economy were facing inflation, the Federal Reserve Bank could combat it by:

If Blake can pick more cherries in one hour than Cody, then Blake has a comparative advantage in cherry picking

Indicate whether the statement is true or false

Which of the following is not a problem with poorly defined property rights?

a. Insufficient incentive exists to produce resources that cannot be protected. b. Resources will tend to be underutilized. c. Individuals may be able to use resources without paying for them. d. Little incentive to conserve on the use of poorly defined resources.