Figure 1.8 suggests that
A. The law of increasing opportunity cost does not apply.
B. The relationship between study time and grade point average is constant.
C. The relationship between study time and grade point average is first linear, then nonlinear.
D. Resources can be perfectly adapted between study time and grade point average.
Answer: C
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National defense is provided by the government because
a. it is impossible for private markets to produce public goods. b. products provided by the government are produced more efficiently. c. free-riders make it difficult for private markets to supply the socially optimal quantity. d. public goods increase government revenues.
What is fiat money? Why is fiat money important in the United States today?
What will be an ideal response?