What is the main rationale economists provide for assigning government the responsibility of protecting people against foreign aggressors?
A) It would be too dangerous to allow citizens to keep and bear arms for the purpose of forming militias to defend their communities.
B) Most people are patriotic only when the government is involved.
C) "National defense" must by necessity be nationalized.
D) People will not risk their lives unless government requires them to do so.
E) Private providers could not exclude non-payers from the benefits.
E
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In the short run, the point at which average cost is minimized, the line from the origin to the point on the
A) total cost curve is tangent to the curve. B) total cost curve has the largest slope. C) total variable cost curve has the largest slope. D) total variable cost curve has the smallest slope.
When the existing firms in a monopolistically competitive industry earn above-normal profit:
a. new firms enter into the market, and entry continues until firms earn normal profit. b. new firms have no incentive to enter the market. c. new firms have an incentive to enter the market but are legally barred from doing so. d. they increase their production and lower the price level. e. their cost structure automatically changes, eliminating the additional profit.
When there is a shift in autonomous expenditure, why is there a multiple expansion of income and real GDP? Trace the multiplier effect through the first four rounds when there is an increase in autonomous expenditure of $40 billion and the marginal propensity to consume is 0.75.
What will be an ideal response?
Sydney purchases a newly issued, two-year government bond with a principal amount of $10,000 and a coupon rate of 6% paid annually. One year before the bonds matures (and after receiving the coupon payment for the first year), Sydney sells the bond in the bond market. What price (rounded to the nearest dollar) will Sydney receive for his bond if newly issued one-year government bonds are paying a 5% coupon rate?
A. $10,600 B. $10,000 C. $9,906 D. $10,095