Majority voting may produce economically inefficient outcomes because it:
A. Does not always lead to fair results
B. Requires everyone to vote and bear the costs
C. Does not consider the strength of individual voters' preferences
D. Does not provide benefits to everyone
C. Does not consider the strength of individual voters' preferences
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A worker who has quit her job to obtain a higher paying job would be included in which unemployment category?
A. cyclical unemployment B. seasonal unemployment C. structural unemployment D. frictional unemployment
The tendency for expansionary fiscal policy to cause a reduction in planned real investment spending by the private sector is called
A. the indirect effect. B. the Laffer effect. C. the crowding-out effect. D. the multiplier effect.
Graph If this is a trading (open) economy, quantity supplied of cars (in thousands) by the domestic producers will be:
a. 20 b. 40 c. 60 d. 80
In 1975, New York City increased regulated taxi fares by 17.5 percent and expected taxi revenue to increase a like amount. The taxi commission believed taxi demand was
a. unit elastic. b. inelastic. c. elastic. d. perfectly inelastic.