An implication of the median voter theorem is that, in a race between Republicans and Democrats,
a. if Republicans want to win, they will take a "middle-of-the-road" stance on many issues.
b. if Democrats want to win, they will take an extreme stance on many issues.
c. Republicans and Democrats go to extremes to differentiate themselves from one another.
d. Republicans and Democrats work hard to identify the fringe voters.
a
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If the price elasticity of demand for tea is unit elastic, a 10 percent increase in the price of tea results in:
a. a 12 percent decrease in the quantity demanded. b. a 12 percent increase in the quantity demanded. c. a 10 percent decrease in the quantity demanded. d. a 10 percent increase in the quantity demanded.
An economy can have an abundant supply of labor, capital, and natural resources but still produce goods and services inefficiently
Indicate whether the statement is true or false
Compared to the situation existing when the Kyoto Protocols were created,
A. the U.S. is producing less greenhouse gasses (GHG) than it had promised. B. the U.S. Senate finally approved the treaty under pressure from President Bush. C. India produces twice as much greenhouse gasses (GHG). D. China actually produces less greenhouse gasses (GHG).
Refer to the above figure. An increase in aggregate demand beyond real Gross Domestic Product (GDP) level Y1 would result in
A) a lower price level and an increases in real GDP. B) higher real GDP but not a higher price level. C) a lower price level but no change in real GDP. D) a higher price level but no change in real GDP.