An economist might argue that U.S. national defense should be funded through tax revenues because:
a. U.S. citizens are not very patriotic
b. the government is always a more efficient provider of goods than the private market.
c. the government always seeks to act benevolently on behalf of its citizens.
d. individuals who refuse to contribute to a national defense fund cannot be excluded from benefiting from national defense.
d
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Positive economics is descriptive because:
A) it is based on ethical judgments. B) its predictions cannot be verified with data. C) it prescribes what an individual or society ought to do. D) it explains what has happened or predicts what will happen.
Everything else held constant, when prices in the art market become more uncertain
A) the demand curve for bonds shifts to the left and the interest rate rises. B) the demand curve for bonds shifts to the left and the interest rate falls. C) the demand curve for bonds shifts to the right and the interest rate falls. D) the supply curve for bonds shifts to the right and the interest rate falls.