If the median voter rule always hold, then the preferences of extremely conservative (right) voters
A. do not determine the results of a vote.
B. determine the voting results 100% of the time.
C. determine the voting results 50% of the time.
D. are more important than the preferences of everybody else.
Answer: A
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A decrease in autonomous investment of $100 that occurs when the marginal propensity to save (MPS) equals 0.25 will lead to a decrease in real Gross Domestic Product (GDP) of
A) $800. B) $25. C) $400. D) $100.
If the cost of capital increases the isocost line will
A) stay the same. B) shift outward in parallel fashion. C) rotate inward around the point where only labor is employed in production. D) shift inward in parallel fashion.
As the price of good X increases from $5 to $8, quantity demanded falls from 100 to 80. Based upon this information we can conclude that the demand for X is
A) elastic. B) inelastic. C) unit inelastic. D) insufficient information for judgment.
If a bank has actual reserves of $40,000 and a 20 percent reserve requirement, then the maximum amount of checkable deposits the bank can have if excess reserves are zero is:
A. $200,000. B. $80,000. C. $300,000. D. $20,000.