List two economic reasons why representative democracy makes sense
What will be an ideal response?
Representative democracy makes economic sense for two reasons. First, having fewer individuals involved in the decision-making process will lower the costs of making decisions. Second, there are benefits from specialization and having some individuals specialize in politics (or certain political issues) makes economic sense.
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A 2 percent increase in income increases the quantity demanded of a good by 1 percent. The income elasticity of demand for this good is _______. The good is a _______ good
A. 2; normal B. –2; inferior C. 1/2; normal D. 2; inferior
Which one of the following countries refused to accept the IMF conditions during the East Asian financial crisis?
A) South Korea B) Indonesia C) Malaysia D) Thailand E) Singapore
Which one of the following statements regarding job turnover in the U.S. labor market is false?
A. Workers who have a lot of seniority are likely to switch to a different firm when their wage-age profile begins to flatten out. B. The quit rate is higher than the layoff rate for both young and old workers when they are in the first few years on a job. C. The overall separation rate is much higher for younger workers than older workers. D. The overall separation rate falls with tenure on the job. E. The quit rate is almost always higher than the layoff rate.
Fiscal federalism in the EU refers to
A) one nation's control of the monetary policy of all the other nations. B) freedom of member countries to leave the EU at any time. C) the transfer of economic resources from members with healthy economies to those suffering economic setbacks. D) one nation's freedom to abandon the Euro and use its own currency. E) the transfer of economic resources between members with healthy economies.