Which of the following statements does not follow from the median voter model?
a. Party platforms tend to converge to the median.
b. The farther a candidate is away from the median voter, the more support she will have.
c. Third parties generally cannot win elections.
d. Political candidates tend to be quite similar to one another.
b
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If the price elasticity of demand is greater than 1, a monopoly's
A) total revenue increases when the firm lowers its price. B) total revenue decreases when the firm lowers its price. C) marginal revenue is negative. D) marginal revenue is zero.
An industrially advanced country (IAC) is defined as a country with a GDP per capita among the top ____ countries in the world
a. 5 b. 10 c. 20 d. 27
Which one of the following transactions would be included in GDP?
a. Ms. Kim pays $50 for a used picture frame at a neighborhood garage sale. b. Mr. Doe donates $500 to his town's junior college scholarship fund. c. Ms. Bartolini pays $500 to fix the front end of her car damaged in a recent accident. d. Ms. Smith pays $5,000 to purchase 100 shares of Microsoft stock (assume no sales commission is made on the exchange).
If Larry starts a new pizza parlor and hires a manager for $30,000 per year, this implies that
A. the price of pizza will increase if Larry works in the parlor himself. B. Larry values his labor at more than $30,000 per year. C. pizza parlor managers are inexpensive to hire. D. Larry values his labor at less than $30,000 per year.