Locke's contract theory stated that:
a. People must meet their contractual obligations to other citizens
b. People must meet their contract obligations to the state
c. Illegal contracts can be disputed in courts
d. The state must meet its social contract with its citizens
e. All of the above
D
You might also like to view...
Good A and good B are substitutes in production. The demand for good A decreases, which lowers the price of good A. The decrease in the price of good A
A) decreases the supply of good B. B) increases the supply of good B. C) decreases the demand for good B. D) increases the demand for good B.
Answer the following statements true (T) or false (F)
1. Government regulations which affect entrepreneurial activities within a nation also affect total output and the standard of living. 2. A nation’s raw materials and sources of energy are considered part of its capital resources. 3. When the entire production possibilities curve shifts inward, the economy is growing. 4. A production possibilities curve shows the use of resources and the alternative combinations of goods that a society can produce.
Refer to Figure 10.1. If the level of real GDP is initially Y3, firms will ________ production until equilibrium is reached at ________
A) increase; Y3 B) decrease; Y3 C) increase; Y1 D) decrease; Y1
After running a promotional campaign, the owners of a local shoe store decided to decrease the prices for the shoes sold in their store. One can imply that
a. The promotional expenditures made the demand for their shoes more elastic b. The promotional expenditures made the demand for their shoes more inelastic c. The promotional expenditures has no effect on the shoe demand elasticity d. The owners got it wrong. To cover the promotional expenses, they should have raised the prices.