The standard of living (measured by what one can purchase with after-tax income) of free Americans on the eve of the Revolution was ______
a. lower than in 18th -century England, and lower than most people in the "Third World" today.
b. higher than in 18th -century England, and higher than most people in the "Third World" today.
c. lower than in 18th century England, but higher than most people in the "Third World" today.
d. higher than in 18th- century England, but lower than most people in the "Third World" today.
b. higher than in 18th century England, and higher than most people in the "Third World" today.
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The figure below shows the demand curve, marginal revenue curve, marginal cost curve and average total cost curve for a monopolist. 
The socially optimal level of output is:
A. 4 units per day. B. 5 units per day. C. 10 units per day. D. 8 units per day.
Open market purchase of government securities by the Fed increases the federal funds rate
Indicate whether the statement is true or false
Which of the following is the highest bond rating assigned by Moody's Investors Service?
A) Aaa B) A C) B D) Baa
The principal feature of private goods is that
A) they cannot be rented or purchased. B) consumption by one person reduces the quantity available to others. C) no one can be excluded from consumption of the product. D) externality problems associated with their production are always negative.