Recall the Application about fire protection and the median-voter rule to answer following question(s).In the Application, the decision of the community regarding the purchase a firetruck to lower the community fire rating ultimately depends on the changes in the premium and tax liability of:
A. the median voter in the community.
B. all the voters in the community.
C. the city council of the community.
D. the richest voter in the community.
Answer: A
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The approach to understanding the determination of real GDP and the price level that emphasizes flexible wages and prices and competitive markets is
A) the Keynesian model. B) the classical model. C) Adam Smith's Law. D) the aggregate demand model.
A decrease in the price of eggs from $1.50 to $1.30 per dozen resulted in an increase in egg purchases in two cities
In Philadelphia, daily egg purchases increased from 6000 to 8000 dozens; in nearby Dover, Delaware, daily egg purchases increased from 300 to 400 dozens. The price elasticity of demand is therefore A) lower in the smaller city as would be expected. B) greater in the smaller city as would be expected. C) certainly affected by population differences in different markets. D) the same in Philadelphia as in Dover.
Under the British Navigation Acts, enumerated goods were a list of colonial _______
a. exports showing how dependent the British were on the colonies. b. imports showing how dependent the colonies were on Britain. c. exports that had to be shipped through British middlemen. d. exports that were reserved for the crown.
When the Fed buys government bonds,
a. the money supply increases and the federal funds rate increases. b. the money supply increases and the federal funds rate decreases. c. the money supply decreases and the federal funds rate increases. d. the money supply decreases and the federal funds rate decreases.