Suppose a vote was taken among 7 district representatives about how much of the city budget should be spent on tourism advertising. Two prefer it to be 10 percent, two prefer 15 percent, and three prefer 50 percent. According to the median voter theorem, the chosen amount to spend on tourism advertising is ______ of the budget.
A. 10 %
B. 15 %
C. 50 %
D. 30 %
B. 15 %
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If currency outstanding equals $500 million, checkable deposits equal $2 billion, reserves equal $200 million, and the required reserve ratio is 0.10, the money multiplier equals
A) 1.14. B) 3.57. C) 4.35. D) 5.
If two economists disagree about the magnitude of employment effects of a proposed change in government policy, the difference in opinion
a. must be positive in nature b. must be normative in nature c. is more likely to be normative than positive d. is more likely to be positive than normative e. would be neither positive nor normative in nature
The aggregate demand curve tells us the equilibrium level of real GDP corresponding to any price level
a. True b. False
Which of the following statements is true?
A) If a nation can produce more of a good than another nation can, it has a comparative advantage in the production of that good. B) Comparative advantage results from a lower opportunity cost of production. C) Absolute advantage results from having more resources. D) Absolute advantage means that an individual or country can produce more of a particular good than can any other individual or country.