When Republicans and Democrats offer similar platforms in an election campaign, a likely explanation is the
a. Arrow impossibility theorem.
b. Condorcet paradox.
c. median voter theorem.
d. fact that politicians are more interested in the national interest than their own self-interest.
c
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Inflation decreases the growth of capital because
i. when the after-tax real interest rate falls, savings decreases. ii. velocity increases when inflation increases. iii. the higher the inflation rate, the higher is the true income tax rate on income from capital. A) i only B) ii only C) iii only D) i and iii E) i, ii, and iii
When does an oligopoly market result in a cartel? What conditions must be present for the cartel to be successful?
What will be an ideal response?
Given the information above, the demand is
a. unitary. b. indeterminate. c. elastic. d. inelastic.
When markets reach the ____ price all the opportunities for mutually beneficial trade have taken place and the sum of consumer and producer surplus is ____
a. minimum, maximized b. maximum, minimized c. equilibrium, maximized d. equilibrium, shared equally between consumers and producers