The _____ allows voters to vote on a series of marginally smaller quantities of a good
a. committee version of the medium voter model
b. representative democracy version of the medium voter model
c. referendum version of the medium voter model
d. cyclical majority
c
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What does it mean when a firm is earning positive economic profit?
What will be an ideal response?
A competitive market economy is unlikely to provide an efficient quantity of some public goods because:
a. only the government has the vast resources necessary to produce public goods. b. the nature of public goods makes it difficult for producers to withhold them from nonpaying consumers. c. the technology involved in the production of public goods makes it difficult for private firms to produce them even though, once produced, they could be marketed efficiently. d. private production of public goods generally results in a large amount of profit, which is difficult for a firm to effectively pay out to shareholders.
The boss observes that her 10 workers produce 1,000 widgets a day. She concludes that she can employ 20 workers and make 2,000 widgets, 30 to make 3,000 . or 40 to make 4,000 . Explain why this observation is either correct or incorrect
Capitalism is based on all of the following except
A. the "invisible hand". B. the price mechanism. C. trust. D. equity.