What is the main rationale economists provide for assigning government the responsibility of protecting people against foreign aggressors?
A) It would be too dangerous to allow citizens to keep and bear arms for the purpose of forming militias to defend their communities.
B) Most people are patriotic only when the government is involved.
C) "National defense" must by necessity be nationalized.
D) People will not risk their lives unless government requires them to do so.
E) Private providers could not exclude non-payers from the benefits.
E
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An increase in domestic output would cause a ________ in net exports and a ________ in the exchange rate
A) rise; rise B) rise; fall C) fall; rise D) fall; fall
A dedicated professor loves being in the classroom and would teach for $70,000 per year, but he is actually paid $80,000 per year. This individual
A) receives economic rent of $150,000. B) has an opportunity cost of $80,000. C) has an opportunity cost of $70,000. D) receives economic rent of $10,000.