According to the shortsightedness effect, politicians tend to favor projects with:
a. long-run benefits and long-run costs.
b. short-run benefits and short-run costs.
c. short-run benefits and long-run costs.
d. long-run benefits and short-run costs.
c
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The development of new technology reduces the cost of producing calculators. In addition, assume that consumers have cut back on their scheduled purchases in anticipation of further cost-saving developments. As a result, we can expect
A. a decrease in price but no predictable change in output. B. a decrease in output but no predictable change in price. C. an increase in output but no predictable change in price. D. a predictable decrease in both output and price.
Workers in the United States were granted the legal right to engage in collective bargaining by the
A) National Labor Relations Act. B) Taft-Hartley Act. C) Landrum-Griffin Act. D) Knights of Labor Act.
Which of the following statements best describes consumer surplus in the supply and demand model?
a. Consumer surplus is the area in the supply and demand model that is above the market price and above the demand curve. b. Consumer surplus is the area in the supply and demand model that is below the market price and below the demand curve. c. Consumer surplus is the area in the supply and demand model that is above the market price and below the demand curve. d. Consumer surplus is the area in the supply and demand model that is below the market price and above the demand curve.
The cost of servicing the debt may increase if
A. Interest rates rise. B. Deficits become smaller. C. The debt shrinks. D. The debt is held internally.