35. Private property rights exist when property rights are a. exclusively contro

Question

35. Private property rights exist when property rights are a. exclusively controlled by the owner or owners b. transferable to others. c. protected by legal enforcement. d. all of the above. 36. When resources are being used wastefully or inefficiently, the a. production possibilities curve shifts inward. b. production possibilities curve shifts outward. economy is operating at a point inside its production possibilities curve or d. c. constraint economy is operating at a point outside its production possibilities curve or constraint. The law of comparative advantage suggests that 37. individuals, states, and nations can all benefit if they trade with others. b. a. free trade among nations is harmful to an economy. each economy should strive to be self-sufficient. d. c. each country should attempt to produce roughly equal amounts of all goods. Which of the followin answer? a. Which government agency will set the prices of the goods produced? b. What will be produced? c. To whom will the goods produced be allocated? d. How will goods be produced? 38. g is not one of the basic economic questions that all economies must If the demand for a good increases, which of the following will generally occur in a market setting? a. The price of the good will decrease and the quantity purchase will increase. b. The price of the good will increase and the quantity purchase will increase also. c. The quantity supplied will decrease. d. Producer profits will fall. 39. An increase in the minimum wage rate will a. entice more unskilled laborers to look for work b. will cause more unskilled laborers to become unemployed. c. will increase the income of unskilled laborers who can find employment. d. All of the above are true. 40. 05-01MTIA-F18

Explanation / Answer

35. Private property rights exist when property rights are exclusively controlled by the owner or the owners, transferrable to others and protected by legal enforcement. So the correct option is D i.e. all of the above.

36. When resources are being used wastefully or inefficiently, the economy is operating at a point inside its production possibilities curve or constraint. So the correct option is C.

37. The law of comparative advantage suggests that individuals, states, and nations can all benefit if they trade with others. So the correct option is A.

38. Which government agency will set the prices of the goods produced? This is not one of the basic economic questions that all economies must answer. So the correct option is A.

For rest questions paste them in a batch of 4 questions.

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