Governments can grant private property rights over resources that were previously viewed as public, such as fish or elephants. Why would governments want to do so?
a. to prevent overuse
b. to decrease taxes
c. to fight poverty
d. to increase consumption
a
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When the marginal product of labor rises
A) the marginal cost of production will exceed the average total cost. B) the marginal cost of production also rises. C) the average total cost of production also rises. D) the marginal cost of production falls.
Supply-side economists
a. focus almost exclusively on the supply-side effects of changes in the money supply. b. did not devote much attention to the supply-side effects of changes in income tax rates since the marginal income tax rate is very low and pertained only to the relatively wealthy. c. argued that cuts in marginal tax rates had very favorable supply-side effects. d. argue that government spending is at least as important as tax rates.
The variance of a distribution increases more than proportionately with the spread of the distribution because:
a. variance is a squared quantity. b. variance always lies at the center of the distribution. c. variance is half the value of mean. d. variance is closer to the maximum values.
The principle of diminishing returns to labor is based on the:
A. principle of increasing opportunity cost. B. scarcity principle. C. cost-benefit principle. D. principle of comparative advantage.