Government output is hard to account for because government
A. is so large.
B. provides goods that have no resale value.
C. keeps secrets about what it produces.
D. goods are generally not sold or produced in easily measurable units.
D. goods are generally not sold or produced in easily measurable units.
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Is the marginal benefit someone enjoys from a good or service the same as the price he or she pays? Explain your answer
What will be an ideal response?
Property rights are useful in predicting behavior when we define ownership of a resource as
A) a moral claim to a particular resource. B) legal title to the resource. C) physical possession of the resource. D) the ability to appropriate the benefits from use of a resource.
The government raises the sales tax on shirts. The tax is imposed on sellers. As a result, the ________
A) supply curve of shirts shifts leftward B) supply curve of shirts shifts rightward C) demand curve for shirts becomes vertical D) demand curve for shirts becomes horizontal
A central bank ________ of domestic currency and corresponding ________ of foreign assets in the foreign exchange market leads to an equal decline in its international reserves and the monetary base, everything else held constant
A) sale; purchase B) sale; sale C) purchase; sale D) purchase; purchase