The maintenance of a framework of security and order through the establishment and enforcement of rules under which people can interact peacefully with one another and be secure in their person and property is known as the
a. productive function of government.
b. protective function of government.
c. transfer function of government.
d. illegitimate function of government.
B
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Nothing raises the standard of living more than a greater
a. abundance of goods. b. effort of production. c. population. d. number of import tariffs. e. All of the above are true.
An equilibrium level of real GDP is one for which
A. consumption equals disposable income. B. aggregate purchases equal consumption. C. aggregate quantity demanded equals aggregate quantity supplied. D. None of the choices are correct.
If average labor productivity increases, then the same number of employed workers will always produce:
A. more output per person. B. less output per person. C. more total output. D. less total output.
If income changes, one would expect
A. the demand for a product to change. B. the supply of a product to change. C. both the demand for and the supply of a product to change. D. to move from one point to another along the demand curve for the product.