(Last Word) In 2011, Congress funded a sanctuary for white squirrels, a giant roadside coffee pot, and an antique bicycle museum. This is an example of:
A. the paradox of voting.
B. pork barrel politics.
C. the benefits-received principle.
D. the adverse selection problem.
Answer: B
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If the growth rates of nominal GDP and real GDP in an economy are 6% and 2% respectively, the inflation rate in the economy must be:
A) 2%. B) 8%. C) 4%. D) 3%.
Alex, Bill, and Cid live in Souland. Their annual incomes and the amounts they pay in income tax are shown in the table below. Income Tax Alex 30,000 6,000 Bill 20,000 4,000 Cid 40,000 8,000 The income tax in Souland is
A) proportional. B) disproportional. C) regressive. D) progressive.
The two Keynesian assumptions in the aggregate supply and aggregate demand model are the importance of:
a. aggregate demand and the stickiness of wages and prices. b. aggregate supply and the stickiness of wages and prices. c. aggregate demand and the flexibility of wages and prices. d. aggregate supply and the flexibility of wages and prices.
If there is surplus of loanable funds, then
a. the supply for loanable funds shifts right and the demand shifts left. b. the supply for loanable funds shifts left and the demand shifts right. c. neither curve shifts, but the quantity of loanable funds supplied increases and the quantity demanded decreases as the interest rate rises to equilibrium. d. neither curve shifts, but the quantity of loanable funds supplied decreases and the quantity demanded increases as the interest rate falls to equilibrium.