Median voter decisions may not yield efficient allocations of resources because:
a. votes are allocated differently than income.
b. externalities may cause private and social costs to diverge.
c. free riders will cause too few public goods to be produced.
d. the median voter may not be the same as the mean voter.
a
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In the short run, when the Fed increases the nominal interest rate, the real interest rate
A) permanently falls. B) does not change. C) permanently rises. D) temporarily rises. E) temporarily falls.
Belgium's real GDP per person is $33,000 and Austria's is $34,700. The population growth rate in Belgium is 0.13 percent and the growth rate of real GDP is 3.0 percent
The population growth rate in Austria is 0.08 percent and the growth rate of real GDP is 3.3 percent. If these growth rates continue, how many years will it take for Belgium's real GDP per person to equal Austria's real GDP per person? A) Belgium's standard of living will never equal Austria's. B) just over 23 years C) just over 24 years D) just over 21 years E) over 230 years
Which of the following would be the most accurate description of demand for health care? a. perfectly elastic
b. relatively elastic c. relatively inelastic d. perfectly inelastic
In order to enjoy a rising standard of living standard, a nation's capital stock must grow faster than
a. the rate of depreciation b. the rate of inflation c. its population d. its financial assets e. its overall rate of economic growth