In reference to table 22.1, the $600 paid in property taxes counts as
A. A variable cost.
B. A normal cost.
C. An explicit cost.
D. An implicit cost.
Answer: C
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A unanimous decision rule is equivalent to market exchange in terms of efficiency
a. True b. False
The United States' balance of payments is likely to improve when
A) there is an increase in political instability in other countries. B) the inflation rate in the United States rises relative to other countries. C) the American government increases its spending on foreign aid. D) American people want to invest more in foreign countries.
The theorem that suggests that politicians maximize their votes by taking the policy position preferred by the median voter, under certain conditions is called the:
A. average voter theorem. B. mid-voter theorem. C. median-voter theorem. D. moderate vote theorem.
It often appears as if there are "too few" workers at the Department of Motor Vehicles (DMV) to service all of its customers at a given point in time. Based on one of theories discussed in the textbook, this is probably because
A) the equilibrium "price" to be served by the DMV is lower than the "price" charged customers. B) the equilibrium "price" to be served by the DMV is higher than the "price" charged customers. C) the equilibrium "price" to be served by the DMV minus the "price" charged to customers is zero. D) b and c E) none of the above