"No person can be deprived of life, liberty or property without due process of law, nor shall private property be taken for public use without just compensation."
a. Article 1 of the Declaration of Independence
b. The first amendment
c. The Eleventh Amendment
d. The Fifth Amendment
e. None of the above
D
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The value of total output and total income in the simple circular flow model
A) include only intermediate goods. B) are equal to each other. C) are measures of the economy's level of savings. D) are related in the sense that national income is less than national product.
The circular flow model shows that consumer goods and services produced by business firms are sold in the
A) goods market. B) factor market. C) labor market. D) financial market.
Suppose a new law requires all piercing studios to pass tougher licensing tests and to begin using more costly sterilization methods. Other things constant, this law would cause:
a. an increase in the supply of piercings and a lower price for piercings. b. an increase in the supply of piercings and a higher price for piercings. c. a decrease in the supply of piercings and a higher price for piercings. d. a decrease in the supply of piercings and a lower price for piercings.
A firm in a perfectly competitive industry will expand output as long as: a. marginal revenue is less than average revenue. b. marginal cost is less than marginal revenue
c. marginal cost is less than average total cost. d. marginal revenue is less than average total cost.