The trading of votes to secure favorable outcomes on decisions which would otherwise be defeated is called:
A. Median-voter trading
B. The special-interest effect
C. Political logrolling
D. The paradox of voting
C. Political logrolling
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Suppose that you were again competing in a sealed-bid auction for the Vermeer painting which you value at $100,000, but now it is a first-price auction. What bid should you submit?
a. Exactly $100,000 b. Somewhat lower than $100,000 depending on the number of other bidders c. Somewhat higher than $100,000 depending on the number of other bidders d. Cannot say which of a, b, or c is right without further information
Our balance of trade in services is _______ and our balance of trade in goods is ______.
A. negative; negative B. positive; positive C. positive; negative D. negative; positive
Which legislation would U.S. labor unions support?
a. legislation to eliminate all restrictions on immigration b. legislation to increase direct foreign investment in the United States c. legislation to ease rules on immigration d. Labor unions would support all of these measures.
The invention of a machine that increases milk production is discovered. If farmers were to decry the effect of this new technology on the price of milk and lobby government to set the price of milk at the price before the invention, what would be the result?
A. A decline in the price of milk B. Excess demand for milk C. Excess supply of milk D. Neither a shortage nor a surplus of milk