A social system in which rights are clearly defined and participants are free to exchange as they choose will tend to allocate resources to
A) their most efficient uses.
B) their most highly valued uses.
C) uses on which the highest monetary value is placed.
D) uses which maximize social welfare.
E) uses which produce the greatest good for the greatest member.
C
Economics
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When the price of a good rises, consumers buy a smaller quantity because of the ________ effect and the ________ effect
A) substitute; complement B) substitution; income C) normal; inferior D) supply; demand
Economics
In the long-run ISLM model and with everything else held constant, the long-run effect of an autonomous fall in consumption expenditure is to ________ real output and ________ the interest rate
A) increase; increase B) increase; not change C) not change; increase D) not change; decrease
Economics