What are the three basic questions faced by every economy?
a. What, how, and for whom will goods be produced?
b. When, where, and how much will be produced?
c. Why, where, and when will goods be produced?
d. How, how much, and why will goods be produced?
A
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The noise from the low altitude combat training the Air Force conducts over the Yippy I-O Ranch causes the ranch's cattle to lose weight. Which of the following actions is not consistent with recognition that the Yippy I-O has a property right to its skies? a. The Air Force equips its planes with mufflers
b. The Air Force compensates the Yippy I-O for the value of the lost weight. c. The ranch compensates the Air Force for the cost of moving the exercises to another location. d. The Air Force pays for cow earplugs for the ranch herd.
If the courts apply the per se criterion to a firm that dominates a market but does not engage in anticompetitive behavior, it would not find the firm to be in violation of the antitrust laws
Indicate whether the statement is true or false
Which of the following is the most fundamental function of government?
a. protection of individuals and their property b. imposing progressive taxes to fund income-transfer programs c. regulating prices and wages d. provision of postal services and garbage collection
Production possibilities curves for large economies are generally bow-shaped because:
A. opportunity costs tend to decrease with increases in production. B. specialization gives some producers a comparative advantage. C. opportunity costs tend to increase with increases in production. D. as more resources are used to produce a good, those resources become less expensive.