Which of the following is the most fundamental function of government?
a. protection of individuals and their property
b. imposing progressive taxes to fund income-transfer programs
c. regulating prices and wages
d. provision of postal services and garbage collection
A
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From the table below, choose the optimum option using marginal analysis
Option Total Cost ($) 1 150 2 100 3 80 4 70 5 90 6 120 What will be an ideal response?
An decrease in domestic savings
a. decreases foreign borrowing. b. will improve the trade balance. c. will increase exports. d. will increase foreign borrowing.
Opportunity cost usually
a. cannot be measured b. applies to labor but not to capital c. is involved in calculating economic profit d. is greater than the cash payment made to a resource e. is less than the cash payment made to a resource
An example of the tragedy of the commons is:
a. no worldwide fuel economy standard. b. overfishing in international waters. unsafe fishing practices that trap c. dolphins and sea turtles. d. illegal copyright infringement.