Using the standard 45-degree line diagram, how does a decrease in net exports effect the expenditure schedule?
a. It increases the slope of the expenditure schedule.
b. It decreases the slope of the expenditure schedule.
c. It shifts the expenditure schedule upward.
d. It shifts the expenditure schedule downward.
d
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The median voter theorem will be an accurate predicator of the outcomes of elections
A) when a majority of voters have preferences very similar to those of the median voter. B) only when voter turnout is very high. C) when a majority of voters have preferences different from those of the median voter. D) regardless of whether preferences among voters are similar or different from those of the median voter.
If a nation is currently operating at a point inside its production possibilities curve, it
A. can increase the output of one good without decreasing the output of the other good. B. has fully employed resources. C. has no inefficiently employed resources. D. is operating at full potential.
The government just signed an agreement with a collection of automobile manufacturers specifying which production techniques are allowed and which are banned due to environmental concerns. This action answered the basic economic question of ______.
a. What is the best method of production? b. How will the goods and services be produced? c. Who will get the goods and services? d. What goods and services will be produced?
Focal point equilibria definitely violate the principle of rational choice.
Answer the following statement true (T) or false (F)