________ occurs when congressional representatives trade votes.
A. An injunction
B. The voting paradox
C. Logrolling
D. Market failure
Answer: C
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Expansionary monetary policy should initially change gross investment by ________.
A. more than necessary to reach full employment B. an amount determined by the money multiplier C. enough to reach full employment D. less than necessary to reach full employment
Suppose that households and businesses increase autonomous expenditures, driving output well above potential. Describe, in detail, how monetary policy might react to minimize the increase in inflation
What will be an ideal response?
What happens if price falls below the market clearing price?
A) Demand shifts out. B) Supply shifts in. C) Quantity demanded decreases, quantity supplied increases, and price falls. D) Quantity demanded increases, quantity supplied decreases, and price rises.
The water-diamond paradox is explained partially by the facts that the marginal utility of water is _____ and the marginal utility of diamonds is _____.
Fill in the blank(s) with the appropriate word(s).