The term "market" refers to
A) physical structures only.
B) locations where buyers and sellers physically meet.
C) any arrangement that enables buyers and sellers to get information and trade with one another.
D) trading arrangements that have been approved by the government.
C
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Consider two countries: A and B. In country A there are well-defined private property rights and in country B there are no private property rights
If the institutions hypothesis holds: a) Which of the two countries is likely to grow faster? b) Is the slower growing economy permanently disadvantaged?
In a world of imperfect knowledge and uncertainty, the return to investors who undertake projects that increase the value of resources is called
a. economic profit. b. accounting profit. c. the inflationary premium. d. the real interest rate.