The framers of the Constitution sought to limit the economic role of the government as evidenced by
A) all of the above.
B) the enumeration of the permissible powers of the federal government in Article I, Section 8.
C) the 5th Amendment's limitation on the government's power to take private property.
D) the 10th Amendment's allocation of all non-enumerated powers to the states and the people.
A) all of the above.
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Monopoly market structures may lead to lower prices than competitive markets in the presence of
a. price discrimination b. laissez-faire c. contestable markets d. substantial economies of scale e. countervailing power
Refer to the information provided in Figure 2.6 below to answer the question(s) that follow.
Figure 2.6Refer to Figure 2.6. An increase in the economy's capital stock is represented by a
A. shift from ppf2 to ppf1. B. movement along ppf1. C. shift from ppf1 to ppf2. D. movement along ppf2.
A firm facing a ________ demand curve, ceteris paribus, will have zero quantity demanded if it raises its price above the market price.
A. perfectly elastic B. relatively inelastic C. perfectly inelastic D. relatively elastic
A farmer uses L units of labor and K units of capital to produce Q units of corn using a production function F(K,L). A production plan that uses K' = L' = 10 to produce Q' units of corn where Q' < F(10, 10 ) is said to be
A) technically feasible and efficient. B) technically unfeasible and efficient. C) technically feasible and inefficient. D) technically unfeasible and inefficient. E) none of the above