The median voter model examines the outcome of majority rule decisions and _____
a. concludes that the outcome will be the one preferred by the median voter
b. assumes that the outcome will be determined by the median voter
c. uses the median voter to analyze the decision-making of bureaucrats
d. found that the median voter has no role in political decision-making
a
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The marginal product of labor is the
A) change in total product produced by hiring an additional unit of labor. B) total revenue divided by units of labor. C) extra revenue gained by selling one more unit of output produced by hiring additional units of labor. D) extra revenue gained by employing one more unit of labor.
The corporate income tax is
a. a tax on corporate profit, not revenue. b. the single largest source of federal revenue. c. a payroll tax paid partially by employees and partially by employers. d. has increased as a proportion of federal tax revenue since 1950.
The general approach to obtaining fully robust standard errors and test statistics in the context of panel data is known as _____.
A. confounding B. differencing C. clustering D. attenuating
Economists make a distinction between changes in quantity demanded and changes in demand:
A.) Because the supply curve shifts whenever there is a change in demand. B.) Because the demand curve shifts whenever there is a change in quantity demanded. C.) To distinguish a movement along a demand curve from a shift of the demand curve. D.) To distinguish a surplus from a shortage.