Which presidential candidate made this pledge: "Read my lips: no new taxes"?
A. Gerald Ford (1974)
B. Jimmy Carter (1976)
C. Ronald Reagan (1980)
D. George H.W. Bush (1988)
D. George H.W. Bush (1988)
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All the production points that lie above the total product curve are inefficient
Indicate whether the statement is true or false
Refer to Table 4-11. The equations above describe the demand and supply for Chef Ernie's Sushi-on-a-Stick. The equilibrium price and quantity for Chef Ernie's sushi are $60 and 20 thousand units. What is the value of consumer surplus?
A) $100 thousand B) $200 thousand C) $600 thousand D) $800 thousand
Assuming that the two key restrictions on preferences fundamental to the median voter model hold, list the condition that must be satisfied for the outcome preferred by median voter to be considered economically efficient
List one real world example that comes close to this condition.
Which of the following assumptions about human behavior is most likely to be accepted by behavioral economists?
A. People have preferences that are unstable and vary by context. B. People are almost entirely self-interested in their behavior. C. People plan out decisions well and possess lots of willpower. D. People eagerly and accurately calculate the benefits and costs of their decisions.