Which of the following functions of government gives property owners the incentive to use their property efficiently?
A) making sure that courts are lenient on people who steal private property
B) the protection of property rights
C) the enforcement of antitrust legislation
D) the financing of public goods
Answer: B
Economics
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The elasticity of demand is used to
A) determine if consumers will or will not buy a product. B) measure how responsive consumers are to a change in price. C) determine in what direction the demand curve shifts if income changes. D) find the market equilibrium. E) determine if a change in price results in a shortage or a surplus.
Economics
Assume the price of good X is Px, price of good Y is Py, and B is the budget. The formula for the budget line for these two goods is:
a. PyQy / PxOx. b. PxB + PyB = B. c. PxX + PyY = B. d. (1 ? Py / B) Px.
Economics