Contractionary fiscal policy, other things being equal, will tend to:
a. increase interest rates.
b. increase investment
c. increase net exports.
d. do both (b) and (c).
d
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Price supports increase the supply of affordable milk for U.S. families.
Answer the following statement true (T) or false (F)
Legal restrictions on competition, such as the grant of patent privileges to inventors,
A) destroy property rights. B) expand property rights. C) both destroy and expand property rights. D) neither destroy nor expand property rights because patents are granted by the U.S. Constitution.
The law of diminishing marginal utility states that total utility increases by smaller and smaller increments as more of a good is consumed
Indicate whether the statement is true or false
The opportunity cost of any good or service is the
a. actual dollar cost of doing or making it. b. highest price that a seller can get for the item. c. value of the next best alternative. d. cost associated with a value judgment. e. cost of producing the good or service.