Legal restrictions on competition, such as the grant of patent privileges to inventors,
A) destroy property rights.
B) expand property rights.
C) both destroy and expand property rights.
D) neither destroy nor expand property rights because patents are granted by the U.S. Constitution.
C
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The ________ the marginal tax rate, the ________ the expenditure multiplier
A) larger; more negative B) smaller; smaller C) larger; larger D) smaller; larger E) None of the above is correct, because the expenditure multiplier is not related to the marginal tax rate.
A utility-maximizing consumer would not consume more of a good if
a. marginal utility increases as more is consumed b. total utility diminishes as more is consumed c. MU/P < 1 d. MU/P < 1 e. MU/P = 1
Which of the following statements is true about profit-related income? a. It results from hiring workers below the marginal contributions they make to the enterprise
b. It consists of rents derived from the sole ownership of capital. c. It is the reward for undertaking the uncertainties of enterpreneurship. d. It equals the entrepreneur's opportunity costs of labor and money capital. e. It is the same as wage-related rents, except it is the entrepreneur who gets it.
The market clearing price of computer modems has just decreased. Which of the following could have caused this change?
A) a decrease in supply at the same time that demand increases B) an increase in supply at the same time that demand decreases C) a decrease in supply with demand unchanged D) an increase in demand with supply unchanged