Why are elected representatives far more likely to be informed about the issues on which they vote, compared to the typical citizen-voter?
A) A politician loves politics; citizens hate it.
B) A politician is more patriotic than citizens.
C) A politician is rationally ignorant; citizens are just plain ignorant.
D) A politician's vote has a far greater probability of affecting the outcome, compared to a citizen's vote.
D
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In an open economy, why is the demand curve for dollars in the foreign-currency exchange market downward sloping?
A. A depreciation in the domestic currency causes exports to fall and imports to rise and, therefore, net exports to fall. B. A depreciation of the dollar reduces the quantity of dollars demanded in the market for foreign-currency exchange. C. When the value of the domestic currency depreciates, domestic goods become less expensive relative to foreign goods, making domestic goods more attractive to domestic and foreign consumers. D. Net capital outflow equals net exports.
Entrepreneurs are people who:
A. create new economic enterprises. B. run businesses on a day-to-day basis. C. engage exclusively in business travel. D. entertain the workers.
Suppose society consists of three individuals: Phil, Jay, and Mitchell. Phil has $60,000 of income, Jay has $200,000 of income, and Mitchell has $100,000 of income. A utilitarian would argue that
a. taking $1 from Mitchell and giving it to Phil would increase society's total utility. b. taking $1 from Mitchell and giving it to Jay would increase society's total utility. c. taking $1 from Phil and giving it to Jay would increase society's total utility. d. None of the above are correct because all three individuals have sufficient income.
The aggregate supply-aggregate demand model suggests that the government can stabilize an economy that experiences a sudden and unexpected decline in consumer confidence and aggregate demand by:
What will be an ideal response?