In thinking about the criteria for an ideal voting system, needing no dictator means:
A. one person cannot have their preferences represented in what voters decide upon.
B. one person cannot have the power to enact his or her own preferences.
C. those in power must be forced to listen to the will of the people when enacting policy.
D. the presence of pure democracy is needed, so everyone gets a vote.
Answer: B
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John has been laid off from his job because of a general downturn in the economy. John's unemployment is best classified as
A) structural. B) cyclical. C) frictional. D) full. E) avoidable.
When a free-rider problem exists,
a. the market will devote too few resources to the production of the good. b. the cost of the good will always be more than the benefit of the good. c. the good will not be produced. d. entrepreneurs will eventually find a way to make free-riders pay their share.
If a natural disaster were to cause a negative long-run supply shock to the economy, once the economy adjusts, the new equilibrium will be at a:
A. higher price level and lower level of output. B. lower price level and lower level of output. C. higher price level and higher level of output. D. lower price level and higher level of output.
The multiplier will be smaller, other things being equal: a. the smaller the fraction of each dollar earned that goes to taxes
b. the larger the MPC. c. the smaller the fraction of each dollar of disposable income that goes to saving. d. None of the above are true.