Some critics of capitalism argue that
a. There is too much government intervention in the economy
b. Involuntary trade generates no wealth
c. If one person makes money, someone else must be losing it
d. Voluntary trade ensures gains for both consumers and producers
c
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Which of the government policies below is not likely to encourage per capita economic growth?
a. High taxes on companies that spend a lot on capital formation b. The use of tax revenues for investment and capital formation c. Special subsidies for capital-intensive forms of production d. Promotion of education and training programs for workers
Does utility analysis explain children's behavior? Children love to play "dare" games. Does this sound familiar: "I dare you to ring Mr. Hollub's doorbell and wait until he answers before you run"? What makes a child take the dare? a. If the utility of getting caught is positive, the dare is taken. b. If the total utility gained from the dare is greater than the marginal utility of getting
caught, the dare is not taken. c. If the total utility gained from the dare is greater than the marginal utility of getting caught, the dare is taken. d. The child adds up the sum of the positive utility in taking the dare and the negative utility of getting caught. If the sum is positive, the dare is not taken. e. The child compares the positive utility gained in taking the dare with the negative utility of getting caught. If the sum of the positive utility and negative utility ispositive, the dare is taken.
What is the difference between the accountant's concept of profit and the economist's view of profit?
Between 1939 and 1944 the United States' national output
A. remained the same. B. nearly doubled. C. nearly tripled. D. nearly quadrupled.