According to the text, government licensing frequently enables monopoly in

Economic growth is likely to be faster when

a. higher tax rates are imposed on high income individuals in order to provide greater cash payments to the poor. b. domestic markets are opened to foreign sellers and foreign investors. c. the supply of money is increased rapidly so individuals have more money to spend. d. dramatic changes in political and legal institutions occur often.

According to the economic theory of labor markets, under what conditions will an individual spend time in nonmarket work?

a. When the utility from leisure exceeds the net utility from work. b. When the net utility from market work exceeds the net utility from nonmarket work. c. When the market can produce goods and services more cheaply than the individual. d. When the individual can produce goods and services more cheaply than the market can.