Which of the following is NOT true of institutions?

A) Institutions affect incentives.
B) Institutions are determined by individuals as members of society.
C) Institutions are permanent and cannot be changed over time.
D) Institutions act as constraints on the behavior of economic agents.

C

Economics

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The table above shows the production possibilities for an economy

Drawing a PPF with books on the vertical axis and bread on the horizontal axis, a movement from possibility B to possibility C to possibility D shows the opportunity cost of ________ moving down along the PPF. A) books decreasing B) bread decreasing C) bread increases D) books is constant E) books and bread are both increasing

Economics

In the classical model, an increase in aggregate demand will cause

A. an increase in actual output, or Gross Domestic Product (GDP). B. a decrease in actual output, or Gross Domestic Product (GDP). C. a decrease in price level. D. an increase in price level.

Economics