An example of a market-facilitating legal practice is
(a) clearly established property rights.
(b) corruption of government officials.
(c) extensive licensing requirements for starting firms.
(d) all of the above.
(e) none of the above.
A
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From the price-setter's point of view, the appropriate cost of a good is
A) the inventory cost. B) the marginal cost. C) the sunk cost. D) the wholesale cost.
Because households have limited incomes, they must
a. rarely take vacations b. live below the poverty line c. allocate their spending carefully d. gamble in casinos frequently e. save for the future
Government action will often result in the counterproductive use of resources because
a. there is often a conflict between winning political elections and adoption of only productive programs. b. many politicians are not interested in how their legislative votes will influence their chances of winning future elections. c. politicians are often unwilling to listen to interest groups that have specialized knowledge. d. voter participation is low; if more people voted, the political process would be more efficient.
Which of the following will cause an increase in U.S. imports?
A. A decrease in U.S. wealth. B. An increase in U.S. consumer confidence. C. An increase in foreign consumer income. D. An increase in foreign business investment.