The median-voter model implies that:
A. political voting will be as economically efficient as "dollar voting" in competitive markets.
B. all voters have about the same preferences for various public goods and services.
C. many people will be dissatisfied with the size of government in the economy.
D. with majority voting there can never be a consistent ordering of public good preferences.
Answer: C
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According to the gravity model, a characteristic that tends to affect the probability of trade existing between any two countries is
A) their cultural affinity. B) the average weight/value of their traded goods. C) their colonial-historical ties. D) the distance between them. E) the number of different product varieties produced by their industries.
An approach that can be taken by someone directly involved in a transaction to solve the problems caused by information asymmetry is:
A. mandating that information be shared. B. racial discrimination. C. proofing. D. screening.
Depreciation is the term used when plants, equipment and housing deteriorate and wear out, thus losing their original values.
Answer the following statement true (T) or false (F)
The short-run aggregate supply curve in modern Keynesian analysis represents the relationship between
A. the nominal output of goods and services and the real output of goods and services. B. the real output of goods and services in the economy and the price level when people have fully adjusted their behavior. C. the real output of goods and services in the economy and the price level when people have not fully adjusted their behavior. D. the nominal amount of goods and services in the economy and the price level.