The 1600s writer who is often credited with offering one of the earliest defenses of individual rights and liberties based on equality of individuals and who influenced framers of the U.S. Constitutions was
A) David Hume
B) Voltaire
C) John Locke
D) Spinoza
Answer: C) John Locke
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Economies of scale exist when:
a. long-run average costs increase as output increases. b. long-run average costs are constant. c. short-run average costs increase. d. short-run average costs decline. e. long-run average costs decline as output increases.
According to Chamberlin, the fact that in the long run average total cost exceeds its minimum value under monopolistic competition is
A. part of the cost of producing different products for consumers. B. the social cost of monopolistic competition. C. actually beneficial because it makes adjustments easier when demand increases. D. the most important reason for why monopolistic competition is not efficient.
In order to minimize deadweight loss generated by taxation, a tax should be placed on goods that are:
A. price elastic. B. price inelastic. C. expensive. D. popular.
If workers expect inflation, and negotiate wage increases that exactly match price increases, the result is a
a. horizontal aggregate supply curve at the level of potential GDP. b. vertical aggregate supply curve at the level of potential GDP. c. horizontal aggregate demand curve at the level of potential GDP. d. vertical aggregate demand curve at the level of potential GDP.