Suppose that in a series of paired-choice votes a new park is preferred to a new recreation center and a new recreation center is preferred to street widening. Also suppose that street widening is preferred to a new park. This set of votes is an example
of the:
A. principal-agent problem.
B. benefits-received principle.
C. median-voter model.
D. paradox of voting.
Answer: D
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A system for studying strategic behavior in economics is called
a. decision science. b. political economy. c. game theory. d. solution concepts.
Discretionary expenditures are federal government expenditures for programs whose funds are authorized and appropriated by Congress and signed by the President, where explicit decisions are made on the size of the programs
Indicate whether the statement is true or false
What fundamental problem does the New Keynesian model have, when compared to the data?
A) Investment fluctuates more than consumption. B) The real wage moves too little. C) Aggregate output demand does not matter. D) Prices do not fluctuate in the right way.
In the United States from 1935 to 2011 the share of total income earned by the bottom fifth of income earners rose and then fell
a. True b. False Indicate whether the statement is true or false