The three duties of government, according to Adam Smith, are (1) _____, (2) _____ and (3) _____.
Fill in the blank(s) with the appropriate word(s).
protecting the society from the violence of invasion (i.e., defense); protecting individuals from injustice and oppression; setting up public works that are not profitable for individuals
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Under the conditions set for the taking of property by eminent domain, the government could take private property
A) to build a highway. B) to allow a private developer to construct residential housing. C) so a professional sports franchise can build a new stadium. D) all of the above
You have a bond that pays $60 per year in coupon payments. Which of the following would result in a decrease in the price of your bond?
A) Coupon payments on newly-issued bonds rise to $75 per year. B) The likelihood that the firm issuing your bond will default on debt decreases. C) Coupon payments on newly-issued bonds fall to $40 per year. D) The price of a share of stock in the company rises.
If you deposit a $50 check in the bank, the immediate impact on your bank's balance sheet will be a
A) $50 increase in reserves and a $50 increase in checkable deposits. B) $50 decrease in reserves and a $50 increase in checkable deposits. C) $50 increase in reserves and a $50 decrease in checkable deposits. D) $50 decrease in liabilities and a $50 increase in checkable deposits.
Rents represent earnings that
a. exceed marginal cost b. are less than marginal revenue product c. are less than what producers would require to supply products d. exceed opportunity revenue e. exceed opportunity cost