In representative democracy, voters are ____________ and politicians are __________.
A) agents; employees
B) agents,principals
C) logrollers; principals
D) principals; agents
D) principals; agents
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Explain and give some examples of governmental policy problems
What will be an ideal response?
When a shortage occurs in the market for a good, quantity
A. demanded exceeds quantity supplied and the market mechanism pushes the price up, which in turn encourages more production and less consumption. B. supplied exceeds quantity demanded and the price falls, which encourages more production and less consumption. C. demanded exceeds quantity supplied and the market mechanism pushes the price down, which encourages more production and less consumption. D. supplied exceeds quantity demanded and the price rises, which encourages more production and less consumption.
A change in consumer preferences will shift the budget line
a. True b. False Indicate whether the statement is true or false
Which of the following factors is not a major cause of long-term economic growth?
a. Investments in physical and human capital b. Constructive labor-management relations c. Expansionary monetary policy d. Effective corporate governance policies e. Government institutions and policies to improve economic efficiency