Which of the following is an income number?
a. M1
b. M2
c. GDP
d. cash
c
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The political process is more likely to serve the interests of individuals whose preferences are in the middle, rather than individuals with preferences that are much to the left or right of the political center
This statement is best explained by which of the following? A) logrolling B) the Arrow impossibility theorem C) the voting paradox D) the median voter theorem
Commitment devices can be:
A. a way to use choice architecture to help you avoid temptation. B. formal policies or products. C. a way for people to voluntarily restrict their choices in order to make it easier to stick to plans. D. All of these statements are true.
Suppose that enforcement of antitrust laws resulted in any firm in this industry with market share above 20 percent to be split into two firms, with each having equal market share. That would cause this industry to
A) change from monopolistic competition to oligopoly. B) change from oligopoly to monopolistic competition. C) remain an oligopoly. D) remain monopolistically competitive.
Lawyers are required to pass a comprehensive bar exam to be licensed to practice law. What effect should this have on the number of lawyers, the wages they receive, and the price people have to pay to receive legal services?
What will be an ideal response?