A _____ is when no one outcome can defeat all others by majority rule
a. cyclical majority
b. single-peaked preference
c. political business cycle
d. political institution
a
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Assuming that bus travel is an inferior good, an increase in consumer income, other things being equal, will cause a(n):
a. upward movement along the demand curve for bus travel. b. downward movement along the demand curve for bus travel. c. rightward shift in the demand curve for bus travel. d. leftward shift in the demand curve for bus travel.
The crowding-out effect is small when firms are ______.
a. pessimistic about the future b. optimistic about the future c. considering sizable future investment d. operating at full-capacity
An outside lag is the time period it takes economists to formulate a stabilization policy.
Answer the following statement true (T) or false (F)
The price of a California orange is $2.00 and the price of a Florida orange is $1.00. If the price of California oranges goes down by one cent and the quantity demanded of Florida oranges goes up by one thousand, then
a. the cross elasticity is 0.4. b. these goods are substitutes. c. the price elasticity of demand for California oranges is 0.4. d. these goods are complements.