Based on the graph showing the median voter, if candidate A took a position at VM, candidate B would have the best chance to win the election by taking a position ______.
a. as far as possible from VM
b. just to the left of V2
c. just to the right of V1
d. as near as possible to VM
d. as near as possible to VM
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Redistributing income from the rich to the poor creates inefficiency because
A) of wasteful expenditures by people receiving welfare grants. B) of the administrative costs to operate the government redistribution agencies. C) the redistribution creates an incentive to produce less output. D) Both answers B and C are correct. E) Both answers A and C are correct.
Refer to the Article Summary. Assume that foreign governments begin to publicize their existing medical services to American medical tourists and more Americans consider hip-replacement surgery to improve their quality of life
What will happen in the market for hip-replacement surgery as a result of these two factors? A) Demand will increase, but these two factors will not shift the supply curve. B) Demand will increase and supply will decrease. C) Supply will increase, but these two factors will not shift the demand curve. D) Demand and supply will both increase.
An inferior good is:
a. any good of low quality. b. one that consumers buy less of at a higher price. c. one that consumers buy less of as their income rises. d. one that has few substitutes. e. any good made with inexpensive labor.
International outsourcing-the shifting of service activities from one country to another-was not an issue when the factor-price equalization theory was developed. Does the existence of outsourcing change the implications of the theory? Justify your answer.
What will be an ideal response?