A politician running for political office does not speak in general terms, does not try to move to the middle of the political spectrum, and does not take polls, therefore it follows that
A) the median voter model is wrong.
B) rational ignorance does not exist.
C) the free-rider problem does not exist.
D) voter turnout is likely to rise.
E) none of the above
E
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Having a competitive advantage emanates from
a. Increased price b. Decreased cost c. One or both of the above d. None of the above
An increase in price, facing a perfectly competitive firm, means that the profit-maximizing output level will increase
a. True b. False Indicate whether the statement is true or false
If economists say that a 7 percent growth in the money supply will increase aggregate demand by 7 percent, they are assuming that velocity
a. will decrease. b. is constant. c. will increase. d. is unpredictable.
Which of the following statements is true?
A) A decrease in the crime rate increases GDP as people will spend more on security. B) Household production is counted in GDP as it amounts to real production. C) GDP accounting rules do not adjust for production that pollutes the economy. D) GDP growth distributes income equally to people in the economy.