The political functions of government differ from the economic functions of government in that
A. the political functions involve elections and the court systems while the economic functions involve taxation and transfers.
B. the President deals with the economic functions while Congress deals with the political functions.
C. the political functions are performed at the federal government while the economic functions are at the state and local government levels.
D. the political functions relate to income distribution while the economic functions relate to the way exchange is carried out.
Answer: D
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A) everything has its price. B) human wants are insatiable. C) people will do anything to obtain goods they want. D) there are no free goods. E) there is a negative relationship between the amount of anything people will purchase and the sacrifice that must make to obtain it.
Which is larger: the present value of $1 two years from now or the present value of $1 one year from now? Explain
What will be an ideal response?
Refer to Figure 14-4. What is the equilibrium outcome in this game and is this a subgame-perfect equilibrium?
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Describe the costs of water pollution
What will be an ideal response?