There is substantial agreement among scholars that at least two functions of government are legitimate. These two functions are the
a. protection of the rights of individuals to their person and property and the provision of goods that cannot easily be provided through markets.
b. redistribution of income from some individuals to others and the waging of war to expand the nation's territory.
c. production of postal services and cable television.
d. taxation of goods that are generally considered immoral or bad and the regulation of large corporations.
A
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Refer to Table 4.2. In which scenario does the interest parity condition hold?
A) A B) B C) C D) D
If the first four units of a good consumed have marginal utilities of 8, 4, 2, and 1, respectively, this trend is an indication of the:
A. law of consumer equilibrium. B. law of diminishing marginal utility. C. law of diminishing consumer surplus. D. law of supply.