A political system that promotes the free and open exchange of ideas:
A. will not have well-defined property rights.
B. slows the development of new technologies and products.
C. is detrimental to economic growth.
D. increases average labor productivity.
Answer: D
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Which of the following contains only normative statements?
a. The birth rate is reduced as economies urbanize, but that also leads to a decreased average age of developing countries' populations. b. An increase in the price of corn will decrease the amount of corn purchased. However, it will increase the amount of wheat purchased. c. A decrease in the price of butter will increase the amount of butter purchased, but that would be bad because it would increase Americans' cholesterol levels. d. None of the above contain only normative statements.
The graph for a monopolist’s profits shows that the firm’s total profit is ______.
a. $100
b. $200
c. $400
d. $600
Suppose that there is a renewed interest in eating caviar at the same time that the supply of Russian caviar shrinks. What would be the most likely effect of these events on the price and quantity of caviar sold?
A. Price fell and the effect on the quantity of caviar sold is ambiguous. B. Price fell and quantity sold rise. C. Price rose and the effect on the quantity of caviar sold is ambiguous. D. Price rose and quantity sold fell.
(Consider This) Past costs that are not affected by new decisions are known as:
A. variable costs. B. fixed costs. C. marginal costs. D. sunk costs.