The simple model of competition among political parties long used by political scientists tends to lead to the practical solution of selecting the
A) optimal tariff.
B) prohibitive tariff.
C) zero (free-trade) tariff.
D) the tariff rate favored by the median voter.
E) the tariff rate supported by exporters.
D
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The second stage of production illustrates the concept of____________, the stage where output increases at a diminishing rate as more units of a variable input are added.
Fill in the blank(s) with the appropriate word(s).
A White House proposal to lower business taxes by increasing tax deductions is an example of
A) progressive taxation. B) contractionary fiscal policy. C) automatic stabilization. D) expansionary fiscal policy.
In a Prisoners' Dilemma, both players are willing to pay to be forced to cooperate.
Answer the following statement true (T) or false (F)
Refer to the figure above. A change in the budget constraint from B1 to B2 indicates:
A) an increase in the price of sweaters. B) a decrease in the price of sweaters. C) an increase in the consumer's income. D) a decrease in the consumer's income.