Libertarians believe that
a. it is more important to evaluate the process by which economic outcomes are produced than the outcomes themselves.
b. government should attempt to redistribute income from the rich to the poor when the gap between rich and poor is more than 20%.
c. equality of income is more important than equality of opportunity.
d. it is more important to evaluate economic outcomes first and then the process that produced them.
a
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The law of diminishing marginal utility states that
A) the extra satisfaction from consuming a good decreases as more of a good is consumed, other things constant. B) when the extra satisfaction from consuming a good becomes negative, total utility starts falling, other things constant. C) eventually total utility falls as more of a good is consumed, other things constant. D) the extra satisfaction from consuming a good increases slowly as more of a good is consumed, other things constant.
Federal deposit insurance in the United States began in
A) 1864. B) 1933. C) 1968. D) 1984.
Suppose that many corporations begin issuing new bonds. Everything else being equal, what is most likely to happen to the interest rate?
a. It will increase. b. It will decrease. c. It will not change. d. It will vary according to a random walk.
If a government price control succeeds in affecting price, it can be expected to lead to a corresponding
a. decrease in the quantity of sales only if the price is forced down. b. decrease in the quantity of sales if the price is forced down and an increase in the volume of sales if the price is forced up. c. decrease in the quantity of sales whether the price is forced up or down. d. increase in the quantity of sales whether the price is forced up or down.