When a society's economic institutions provide secure property rights, set up a judicial system that enforces contracts and upholds the law, allow private parties to sign contracts for economic and financial transactions, and maintain relatively free
entry into different businesses and occupations, the institutions in the society can be said to be:
A) inclusive. B) extractive. C) exogenous. D) exclusive.
A
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The view of mercantilists can be summarized as follows
A) to sell less to strangers yearly than we consume of theirs in value. B) to sell more to strangers yearly than we consume of theirs in value. C) to consume more of theirs in value than we sell to strangers. D) to consume the same amount as theirs in value as we sell to strangers. E) to sell gold and silver to strangers in exchange for services.
Answer the following questions true (T) or false (F)
1. The unemployment rate is higher with a minimum wage law than it would be without a minimum wage law. 2. Paying efficiency wages are a way for a company to cut costs and become more efficient, and are therefore lower than market wages. 3. The inflation rate measures the average prices of goods and services in the economy.