______ occurs when voters look at the past performance of incumbent parties to decide how to vote in the current election.
A. Prospective voting
B. Accountability
C. Immobilism
D. Retrospective voting
D. Retrospective voting
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When there are sustained increases in real GDP over time, we say that the economy is undergoing
A) a recession. B) economic growth. C) massive changes in productive capacity. D) economic stagnation.
As world economies start to recover from the 2008 financial crisis and firms expect profits to increase
A) the price level in the U.S. will decrease as firms increase investment. B) the U.S. short-run aggregate supply curve immediately will shift rightward. C) investment will increase and there will be a movement up along the aggregate demand curve. D) both investment and aggregate demand will increase.
The practice by telephone companies of charging lower long-distance rates at night than during the day is an example of:
a. inverted block pricing b. second-degree price discrimination c. peak-load pricing d. first-degree price discrimination e. none of the above
Above-normal profits earned by existing firms in a perfectly competitive market will eventually lead to:
a. exit of the firms from the market. b. an increase in the market price of the good. c. entry of new firms into the market. d. a decrease in the aggregate supply. e. the existing firms emerging as price makers.