The drafters of the US Constitution, such as Madison, were particularly worried about:
a. the possibility of truly democratic elections
b. violations of the Bill of Rights
c. the Fifth Amendment
d. not enough people voting
e. protecting the interests of a minority from the majority
E
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Monopolistic competition differs from monopoly because in monopolistic competition
A) firms maximize profits. B) firms set marginal revenue equal to marginal cost to maximize profit. C) firms are free to enter and exit. D) All of the above are differences between monopoly and monopolistically competitive firms.
When Sardar buys insurance, on net he
A) gains if the value of the insurance is greater than the price he pays the insurance company. B) loses because the price must pay the insurance company lowers his expected utility. C) gains because his actual wealth with the insurance is greater than his expected wealth without the insurance. D) loses if the price of the insurance equals his expected loss from a bad outcome.
The international substitution effect exists because a
a. higher price level will reduce interest rates and stimulate foreign investment. b. lower price level will make domestically produced goods less expensive relative to foreign goods. c. higher price level will reduce the purchasing power of money. d. lower price level will encourage Americans to import more foreign goods.
Which of the following is true of high and variable rates of inflation
What will be an ideal response?