Robert Higgs argued that ________ best explained the growth of "Leviathan" (Big Government)
a. crises that changed fundamental ideologies
b. urbanization
c. the decline in organized religion as a provider of aid and relief for the poor
d. expansion of the right to vote
a. crises that changed fundamental ideologies.
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A government-imposed restriction on the quantity of a specific good that another country is allowed to sell in the U.S. is
A) a regional trade bloc. B) an import quota. C) a voluntary import expansion. D) a voluntary restraint agreement.
Compared to an efficient perfectly competitive industry, the monopolist will
A) produce less output at a higher total cost. B) produce less output and charge a higher price. C) produce more output at a higher price and higher profit. D) produce more output at a lower price.
What is the most accurate statement about the fraction of the US population that lived in urban areas between 1800 and 1910?
a. The fraction of the US population that lived in urban areas grew steadily throughout the period. b. The fraction of the US population that lived in urban areas decreased steadily throughout the period. c. In 1910, about 85% of the US population lived in cities over 100,000 people. d. In 1800, more than half of the US population lived in towns over 2,500 people.
Positive economic profits exist for a firm in the long run if price is above
a. long-run average cost. b. long-run marginal cost. c. long-run total cost. d. long-run variable cost.