In response to the threat of budget cuts, the Connecticut State Department of Recreation proposed shutting down many state parks and beaches. This is a good example of
a. cost efficiency in bureaus
b. Niskanen's theory of budget-maximizing bureaus
c. the median-voter model
d. logrolling
e. direct democracy
B
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Departures from stationarity
A) jeopardize forecasts and inference based on time series regression. B) occur often in cross-sectional data. C) can be made to have less severe consequences by using log-log specifications. D) cannot be fixed.
The labor ____________ curve(s) will shift _______________ if there is an increase in productivity or an increase in the demand for the final product.
a. demand; left b. supply; left c. demand; right d. supply; right
The sum of internal and external costs is
A) private cost. B) social cost. C) opportunity cost. D) common property.
Holding everything else constant, an increase in the price of MP3 players will result in
A) a decrease in the demand for MP3 players. B) a decrease in the quantity of MP3 players supplied. C) an increase in the supply of MP3 players. D) a decrease in the quantity of MP3 players demanded.