The goal of libertarianism is to
a. redistribute income based on the assumption of diminishing marginal utility.
b. redistribute income in order to maximize the well-being of the worst-off person in society.
c. punish crimes and enforce voluntary agreements but not to redistribute income.
d. measure happiness and satisfaction.
c
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What is break-even investment, and what happens to the break-even level of investment when the growth rate of the labor force either increases or decreases?
What will be an ideal response?
If Cara's utility falls more by losing $600 than it rises by gaining $600, she has
a. increasing marginal utility of wealth and is risk averse. b. increasing marginal utility of wealth but is not risk averse. c. decreasing marginal utility of wealth and is risk averse. d. decreasing marginal utility of wealth but is not risk averse.
If the firm were a perfect competitor in the long run, how much would its output be?
If the government imposes a price ceiling below the market equilibrium price, which of the following will result?
A. There will be a surplus of the good. B. The quantity demanded will exceed the quantity supplied. C. The quantity supplied will exceed the quantity demanded. D. The demand curve will shift to the left.