The provision of a legal system is an important economic function of the government because
A. the legal system affects the distribution of income through its awarding of damages in accident claims.
B. people need to feel safe when they go to work.
C. the legal system affects how exchange takes place through its enforcement of contracts.
D. lawyers and judges tend to be high-income people.
Answer: C
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Bill's disposable income goes from $100,000 in 2010 to $200,000 in 2011, and his consumption spending goes from $80,000 in 2010 to $140,000 in 2011 . Which of the following statements about Bill is true? a. Bill's MPC rose between 2010 and 2011. b. Bill's MPC is equal to 0.7
c. Bill's MPC is equal to 0.6. d. Both (a) and (b) are true.
A private auction is an auction in which
A) individuals know their own value of the good and everyone else's valuation, too. B) individuals have their own valuation of the good but don't know everyone else's. C) many auctions are auctioned off at the same time. D) only one good is auctioned off.
Which of the following examples are substitutes in production?
a. shoes; polish b. 2 percent milk; cream c. baseballs; footballs d. crude oil; motor oil
Unit banks are:
A. more numerous in the United States than they were in previous decades. B. banks with no branches. C. commercial banks that have combined into one unit with an investment bank. D. no longer permitted to exist in the United States.