Locke's contract theory stated that:
a. People must meet their contractual obligations to other citizens
b. People must meet their contract obligations to the state
c. Illegal contracts can be disputed in courts
d. The state must meet its social contract with its citizens
e. All of the above
D
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Interlace, Inc produces and a unique soda. The company cannot price discriminate. The figure above shows Interlace's demand curve, marginal revenue curve, and marginal cost curve
The quantity of soda Interlace Inc will choose to produce is ________ because when this quantity is produced, ________. A) efficient; marginal social benefit exceeds marginal social cost B) efficient; marginal social benefit equals marginal social cost C) not efficient; marginal social benefit exceeds marginal social cost D) not efficient; marginal social benefit equals marginal social cost
Which of the following is a lesson that can be learned from monetary policy during the Great Depression?
a. Monetary policy should be changed frequently in response to economic fluctuations. b. Prolonged periods of monetary contraction will retard economic growth. c. Low interest rates will direct an economy toward recovery. d. Monetary policy should focus on variables such as output and employment.