Suppose a vote was taken among 7 district representatives about how much of the city budget should be spent on tourism advertising. Two prefer it to be 10 percent, two prefer 15 percent, and three prefer 50 percent. According to the median voter theorem, the chosen amount to spend on tourism advertising is ________ of the budget.
A. 15 %
B. 50 %
C. 10 %
D. 30 %
Answer: A
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Regulation of monopolies that allows prices to reflect only the actual cost of production and no monopoly profits is referred to as
A) cost-of-service regulation. B) rate-of-return regulation. C) service-opportunity regulation. D) natural regulation.
Labor is defined as cheap only if its productivity is very low
a. True b. False Indicate whether the statement is true or false
A bond with no expiration date has a face value of $10,000 and pays a fixed 10% interest. If the market price of the bond rises to $11,000, the annual yield approximately equals
A. 11%. B. 10%. C. 8%. D. 9%.
Large firms are able to lower their costs by taking advantage of ___________________.
Fill in the blank(s) with the appropriate word(s).