Who was the author of the following prediction: in the absence of a system for enforcing order in society, life will be "solitary, poor, nasty, brutish, and short"?
A) Thomas Hobbes
B) John Maynard Keynes
C) Thomas Kuhn
D) Jean-Jacques Rousseau
E) Adam Smith
A
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Suppose that Country A and Country B each had the same per capita real Gross Domestic Product (GDP) of $10,000 in 2008
Country A's per capital real Gross Domestic Product (GDP) had a growth rate of 3 percent per year and Country B's per capital real Gross Domestic Product (GDP) had a growth rate of 4 percent per year. By 2013, the per-capita real Gross Domestic Product (GDP) for the two countries, respectively, were A) $10,300 and $10,400. B) $11,593 and $12,167. C) $14,000 and $16,000. D) $11,941 and $12,653.
When economies of scale exist so that one firm can meet the entire market demand at a lower average total cost than two or more firms,
A) a natural monopoly develops. B) the monopoly encounters competition. C) economic profit is reduced to zero. D) the monopoly converts all of the consumer surplus into economic profit. E) there is always the opportunity to price discriminate.
The inefficiency created by income taxation occurs due to
A) the cost of collecting taxes and making welfare payments. B) motivating welfare recipients to work less. C) motivating income earners to work less. D) All of the above answers are correct.
Refer to Figure 2-3. Carlos Vanya grows tomatoes and strawberries on his land. A portion of his land is more suitable for growing tomatoes and the other portion is better suited for strawberry cultivation
Which of the graphs in Figure 2-3 represent his production possibilities frontier? A) Graph A B) Graph B C) Graph C D) either Graph A or Graph B E) either Graph B or Graph C