Which of the following addresses the extent to which representatives resemble and staff for their constituents?
A. descriptive representation
B. formalistic representation
C. symbolic representation
D. substantive representation
B. formalistic representation
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The income-expenditure identity for an open economy is:
A. Im ? Ex = C + I. B. Y = C + I + G. C. Y = C + I + G + NX. D. Y + G = C + I ? NX.
In general, we could say that
A. liberal economists favor a larger economic role for government and conservatives favor a smaller role. B. conservative economists favor a larger economic role for government and liberals favor a smaller role. C. both liberals and conservatives favor a larger economic role for government. D. liberals and conservatives favor a smaller economic role for government.
If a price ceiling is set above the equilibrium price,
A. there will be a shortage. B. quantity demanded will equal quantity supplied. C. there will be a surplus. D. demand will be less than supply.
Using the cost of a similar market basket of goods across countries to compare an economic variable like gross national income applies the concept of
A. private equity financing. B. the Gini Index. C. purchasing power parity. D. the Heritage Foundation Index of Economic Freedom.