Compared to the private sector, the distinguishing characteristic of government is its
A) ability to produce goods and services that people value.
B) monopoly on the legitimate use of force on adults.
C) ability to escape the constraints imposed by scarcity.
D) ability to consider the benefits of an action as well as its costs.
B) monopoly on the legitimate use of force on adults.
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Other things constant, a ________ price ________ quantity demanded
A) higher; increases B) lower; increases C) higher; decreases D) lower; decreases E) both B and C above.
What is the Fed's monetary policy instrument?
What will be an ideal response?
Suppose two economists disagree about whether a particular tax cut is a good policy. The economist supporting the cut believes that it will increase economic growth. The other economist opposes it because he thinks it will have no effect on growth. The source of their disagreement in this case is most likely due to different:
A. levels of coldheartedness. B. value judgments. C. interpretation of Pareto optimality. D. interpretations of empirical evidence.
There are fifteen airlines that will take you from New York to L.A. The best model to analyze this market is
A. monopoly. B. monopolistic competition. C. oligopoly. D. perfect competition.