The median-voter model attempts to explain
a. why law partners can seldom agree on the division of costs
b. why, in a democracy, the preferences of the typical voter often will dominate other choices
c. why democracies can evolve into dictatorships
d. elections in which candidates present widely different platforms
e. conditions under which majority rule is better than market exchange
B
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Periods of unusually low production in an economy result in ________ unemployment.
A. frictional B. structural C. cyclical D. environmental
A crucial difference between the impact of an import quota compared to a tariff is that:
a. import quotas generate revenue to the domestic government, but tariffs do not. b. import quotas generate no revenue to the domestic government, but tariffs do. c. tariffs increase the prices paid by domestic consumers, but quotas do not d. both (a) and (c)
An increase in the supply of bonds
A) raises the interest rate and increases equilibrium quantity of bonds. B) raises the interest rate and decreases equilibrium quantity of bonds. C) lowers the interest rate and decreases equilibrium quantity of bonds. D) lowers the interest rate and increases equilibrium quantity of bonds.
The cost of an extra unit of oil in the United States in terms of coal given up is
A. 25.
B. 50.
C. 2.
D. 1/2.