According to ________, entrepreneurship does not contribute anything of value to production
A) Robert Lucas and Thomas Sargent
B) Milton Friedman
C) John Maynard Keynes
D) Karl Marx
Answer: D
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The egalitarian principle of income refers to
A) each person being paid differently. B) each person receiving the same income. C) each person receiving tax breaks. D) each person working the same number of hours.
Ceteris paribus, if consumer tastes change so that more people are eating broccoli, then what will happen to the market equilibrium for cabbage, a substitute good for broccoli?
a. Price will increase, and quantity will increase. b. Price and quantity will stay the same. c. Price will decrease, and quantity will increase. d. Price will increase, and quantity will decrease. e. Price will decrease, and quantity will decrease.
Which one of the following would not increase recycling rates?
a. Technological lock-in b. A tax on virgin resources c. Pay-by-the-bag garbage programs d. Government procurement of recycled materials e. Increased royalty payments for extraction of resources
What are the two characteristics that distinguish public goods from private goods?
A. Nonrivalry and nonexcludability. B. Liability rules and lawsuits. C. The Coase theorem and efficiency. D. Positive and negative externalities.