The 18th century Scottish philosopher Alexander Tytler argued that democracy
a. would survive indefinitely into the future once it was established.
b. was the only form of government that would be able to control excessive government spending financed by debt.
c. would tend to collapse from excessive debt once a majority of voters discovered they could vote themselves benefits at the expense of others.
d. would lead to persistent government surpluses because elected political officials would find the surpluses attractive relative to budget deficits.
C
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Which of the following would not be an example of a nonproductive activity creating social losses?
a. Accountants seeking methods of tax avoidance for their clients. b. Lawyers engaged in litigation that would transfer money from one group to another. c. Lawyers hired to assist two parties in writing a contract. d. Lobbyists seeking laws that would transfer public lands to private parties without any payment.
Which of the following will increase a perfectly competitive seller's short-run supply and shift the firm's short-run supply curve rightward?
A) an increase in the market price B) a decrease in average fixed costs C) a decrease in marginal cost D) Both answers A and B are correct. E) Both answers A and C are correct.
If MPC = 0.80, how much should government spending change to increase real GDP by $500?
a. -100. b. +80. c. -80. d. +500. e. +100.
When people trade goods for money, money is being used as a medium of exchange.
Answer the following statement true (T) or false (F)