The fact that government has a monopoly on force _____
a. means that government can protect individual rights but is strong enough to violate them
b. means that government can protect individuals rights yet is strong enough not to violate them
c. means that individuals have secure and well-defined property rights
d. means that individuals need not worry about threats from other governments
a
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In the production possibilities model, the vertical axis measures ________ and the horizontal axis measures ________
A) people's wants; the quantity of a good or service B) the quantity of a good or service; time C) the price of a good or service; the price of another good or service D) the price of a good or service; the quantity of the good or service E) the quantity of a good or service; the quantity of another good or service
In the figure above, an
A) efficient output results, but the firm incurs a loss per household which must be subsidized in some way. B) inefficient output results, though the firm covers its costs. C) efficient output results, though marginal costs exceed average total costs. D) inefficient output results because the firm cannot cover its costs. E) efficient output results because consumer surplus is maximized.
In economics, what differentiates the short run from the long run?
What will be an ideal response?
When the Federal Reserve calls in a discount loan from a bank, the monetary base ________ and reserves ________
A) remains unchanged; decrease B) remains unchanged; increase C) decreases; decrease D) decreases; remains unchanged