A good example of the government commandeering resources is
a. government subsidizing road construction
b. the Pharaohs building the pyramids
c. Bill Gates creating Windows 95 with a government issued patent
d. Thomas Edison inventing the light bulb
e. government taxing Disneyland
B
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If the interest rate increases, then the:
a. economy will move to a new point along the existing consumption function. b. consumption function will shift up. c. consumption function will shift down. d. investment demand curve will shift up. e. economy will move to a new point along the existing investment demand curve.
Pure or economic profit is:
A. the amount by which accounting profits exceed normal profits. B. determined by subtracting explicit costs from total revenue. C. the return required to retain entrepreneurial talent in some particular line of production. D. the return to any resource the supply of which is perfectly inelastic.