The writings of the 18th century economist _____________ greatly influenced Constitutional provisions regarding private property rights
a. John Maynard Keynes
b. Alfred Marshall
c. Adam Smith
d. John Hicks
c. Adam Smith
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The above figure depicts the market for video games. If the government imposed a $3 per game tax on sellers, what would be tax revenue?
A) less than $18 B) $18 C) more than $18 D) More information is needed to determine if the tax revenue is more than, less than, or equal to $18.
The short-run shutdown rule is to shut down if:
A. P > AVC. B. P < ATC. C. P > ATC. D. P < AVC.
Marginal factor cost is
A. the change in the value of output from using an additional unit of the factor. B. the cost of using an additional unit of an input. C. the total value of factor cost divided by the one cost that is being held constant. D. the cost of an additional unit of output.
Collective consumption goods are _____
a. goods that can be consumed by additional consumers without reducing the amount available to existing consumers b. goods that can be produced for everyone at zero marginal cost c. goods that are produced and consumed by an entire group, such as a commune that raises its own vegetables d. goods that once produced, can be consumed by additional consumers without reducing the amount available to existing consumers