According to Arthur Schlesinger, Jr., government spending
a. may grow more slowly during conservative periods, but will never contract.
b. follows a natural cycle of increases during liberal periods and decreases during conservative periods.
c. grows at the same rate under both liberal and conservative leadership; only the distribution (defense v. civilian) of the spending changes.
d. reflects attempts by political leaders to reject the dominant political ideology of their youth.
a. may grow more slowly during conservative periods, but will never contract.
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The method of determining the value of land by determining what similar properties have sold for in the recent past is called the ________
Fill in the blank(s) with correct word
Generally, if a nation produces more consumer goods than capital goods
A) more of all goods may be produced in the future. B) less of all goods may be produced in the future. C) about the same amount of capital goods may be produced in the future as are being produced today. D) society will have to forego future consumption of capital goods.
For a monopoly,
a. price and output are closely-linked choices b. marginal revenue always exceeds marginal cost c. price always exceeds average total cost in the short run d. price is set independently from the output decision e. price is always the highest that the market will bear
Why is voluntary exchange an important source of economic prosperity?
a. It moves goods from people who value them less to people who value them more. b. It makes it possible to produce a larger output as a result of lower per unit costs that often accompany large-scale production. c. It makes it possible to produce a larger output as a result of gains from division of labor and specialization. d. All of the above are correct.