Beyond the provision of public goods, government exists to address:
A. national defense.
B. limiting personal freedom.
C. the problem of declining moral values.
D. externalities and property rights.
Answer: D
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Stefano has just completed an original oil painting. After considering the costs for brushes, paint, canvas, and the value of Stefano's labor time, the marginal cost of the painting is $1,000. Lucky Stefano. One art lover paid him $1,500
How much producer surplus did Stefano obtain? A) The amount of producer surplus cannot be determined from the information given. B) $1,500 C) $1,000 D) $500
A decrease in aggregate demand will cause a greater decline in real output the:
A. less flexible is the economy's price level. B. more flexible is the economy's price level. C. steeper is the economy's AS curve. D. larger is the economy's marginal propensity to save.