Opponents of government intervention argue that government makes decisions based on:
A. marginal political costs and marginal political benefits.
B. marginal social costs and marginal social benefits.
C. total costs and total benefits.
D. irrational choices.
Answer: A
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Of the following high-income countries, which has the highest mortality ratio for cancer?
A) Canada B) Japan C) the United Kingdom D) the United States
One way to explain the convexity of isoquants is to say that
A) as labor increases and capital decreases, MPL rises while MPK falls. B) as labor increases and capital decreases, MPL falls while MPK rises. C) as labor increases and capital decreases, MPL and MPK both fall. D) as labor increases and capital decreases, MPL and MPK both rise.
If the government were to reduce its spending, it would be enacting:
A. contractionary fiscal policy. B. expansionary fiscal policy. C. a budgetary crisis intervention. D. expansionary budgetary policy.
Income inequalities are greatest in
A. Countries with many factors of production. B. Rich countries. C. Poor countries. D. Highly developed countries.