In general, liberals favor ______ government and conservatives favor ______ government.
A. more; more
B. less; less
C. more; less
D. less; more
C. more; less
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The tables above show the marginal costs and benefits from production of paper. If the market is perfectly competitive and unregulated, the
A) allocation of resources is efficient. B) market equilibrium produces 800 tons more than the efficient amount. C) market equilibrium produces 1,600 tons more than the efficient amount. D) market equilibrium produces 800 tons less than the efficient amount.
The buyer of a derivative is _______ assuming risk relative to the seller.
A. more comfortable B. less comfortable C. just as comfortable D. less open to
Falling output, in the short run, could be due to:
A. an increase in short-run aggregate supply. B. a reduction in aggregate demand. C. an increase in long-run aggregate supply. D. an increase in aggregate demand.
Suppose a plant manager ignores some implicit marginal costs of production so that the perceived MC curve is below the actual MC curve. What is the likely outcome from this error?
A) Firm produces less than optimal quantity and earns lower profits B) Firm produces less than optimal quantity and earns higher profits C) Firm produces more than optimal quantity and earns lower profits D) Firm produces more than optimal quantity and earns higher profits