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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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.
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.