Speculation in the sale of public lands
(a) did not occur.
(b) placed land in the hands of capitalists at a price that was not competitive.
(c) proved to be a necessary evil in transferring land from public to private ownership.
(d) was caused by squatters.
(c)
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When the government taxes income as part of a redistribution program,
a. the poor pay higher taxes. b. the rich always benefit more than the poor. c. the poor are encouraged to work. d. incentives to earn income are diminished.
When a price ceiling is binding, is the price ceiling set above or below the market equilibrium price?
An example of featherbedding is
A) advertising that encourages consumers to buy union-made goods. B) union requirements that forbid the use of certain laborsaving equipment. C) lobbying Congress to get higher tariffs. D) the requirement that all construction workers who work on a government-financed project receive the union wage rate regardless if they are in the union or not.
When a firm is at its short-run break-even point
A. economic profits are negative but the firm should continue to produce because accounting profits are positive. B. economic profits equal zero and the firm should shut down. C. economic profits are positive. D. economic profits equal zero and the firm is earning a nominal rate of return on investment.