The differences that people settle by voting are most likely to include:
a. issues that affect few people.
b. decisions that need to be taken at a short notice.
c. decisions that are divisible.
d. public goods.
D
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According to the Coase Theorem
a. efficiency can result only if producers hold the property rights b. an efficient outcome is possible as long as property rights are assigned c. efficiency is not possible in the presence of an environmental externality d. none of the above
Monetary policy is considered time-inconsistent because
A) of the lag times associated with the implementation of monetary policy and its effect on the economy. B) policymakers are tempted to pursue discretionary policy that is more contractionary in the short run. C) policymakers are tempted to pursue discretionary policy that is more expansionary in the short run. D) of the lag times associated with the recognition of a potential economic problem and the implementation of monetary policy.
In a Betrand price-setting duopoly model, the equilibrium output:
a. will be equal to the monopoly output. b. will be equal to the competitive market output. c. will lie between the monopoly and the competitive market output. d. will be higher than the monopoly output.
Other things equal, if the U.S. dollar were to depreciate, the:
A. aggregate demand curve would remain fixed in place. B. aggregate supply curve would shift to the left. C. aggregate supply curve would shift to the right. D. aggregate demand curve would shift to the left.