"The government should punish crimes and enforce voluntary agreements but not redistribute income.". This statement is most closely associated with which political philosophy?
a. liberalism
b. utilitarianism
c. libertarianism
d. welfarism
c
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A good is nonrival if:
A. there is no way to prevent a person from consuming or using it. B. more than one person can consume it at the same time without affecting its value to others. C. consumption of it involves perfect rivalry. D. consumption is completely excludable.
An increase in the rate of interest would increase
A. the opportunity cost of holding money. B. the transactions demand for money. C. the asset demand for money. D. the price of bonds.
What concept negates the idea that a country can specialize to the degree suggested by the Ricardian model?
What will be an ideal response?
For the perfectly competitive firm, price
A) equals average revenue and marginal revenue. B) equals average total cost. C) changes as output changes. D) depends on the fixed cost for the firm.