Danica is running for office. A survey showed that most voters in her district describe themselves as conservative but not extremely conservative. Her opponent is running as a moderate. How should Danica portray her opponent to get the most votes and win the election?
a. as a liberal
b. as a conservative
c. as slightly more conservative than she is
d. as slightly less conservative than she is
a. as a liberal
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Consider the following data for a closed economy:
Y = $12 trillion C = $8 trillion I= $2 trillion G = $2 trillion TR = $2 trillion T = $3 trillion
If actual output exceeds potential output, the short-run aggregate supply curve shifts downward over time
Indicate whether the statement is true or false
How is it possible for consumption expenditure to be positive even when disposable income is zero?
What will be an ideal response?
Arnold Harberger was the first economist to estimate the loss of economic efficiency due to market power. Harberger found that
A) the loss of economic efficiency in the U.S. economy due to market power was less than 1 percent of the value of production. B) because of the increase in the average size of firms since World War II, the loss of economic efficiency has been relatively large, about 10 percent of the value of total production in the United States. C) although the number of monopolies was small, the large number of other non-competitive firms in the United States resulted in a large loss of economic efficiency, about 20 percent of the value of total production. D) the loss of economic efficiency in the U.S. economy due to market power was small around 1973, about 1 percent of the value of production, but has since grown to about 10 percent.