Political decisions will be _____ only if the decision was approved by _____
a. Pareto improvements; a unanimous vote
b. in the public interest; a majority vote
c. Pareto improvements; a majority vote
d. undertaken; a unanimous vote
a
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The law-making time lag is best described as the time that it takes
A) a jury to render a verdict. B) Congress to realize that new laws must be passed to change taxes or spending. C) the President to sign a bill sent from Congress. D) a newly passed law to become the norm in daily lives. E) Congress to pass laws needed to change taxes or spending.
Refer to the figure above. Which of the following methods is the best to compensate the losers from opening Lithasia to international trade?
A) Sellers in Lithasia could be taxed and the revenue could be used to compensate buyers. B) Buyers in Lithasia could be taxed and the revenue could be used to compensate sellers. C) Both buyers and sellers could be taxed and the revenue could be retained by the government. D) The sellers in Lithasia could sell the pens at a price above the equilibrium price in the domestic market.
Tariffs and import quotas both result in
A) lower levels of domestic production. B) the domestic government gaining revenue. C) lower levels of imports. D) higher levels of domestic consumption.
The accountants hired by the Brookside Racquet Club have determined total fixed cost to be $75,000 . total variable cost to be $130,000 . and total revenue to be $125,000 . Because of this information, in the short run, the Brookside Racquet Club should
a. shut down because staying open would be more expensive. b. lower their prices to increase their profits. c. stay open because shutting down would be more expensive. d. stay open because the firm is making an economic profit.