The total demand for a public good is found by
A) horizontally summing all individual demands.
B) vertically summing all individual demands.
C) finding the demand from the median voter.
D) dividing the marginal cost of the good by the number of voters.
B
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In the quantity theory of money, the assumption that aggregate output is fixed is based on the view that ________
A) wages and prices are perfectly flexible in the long run B) the velocity of money is constant in the short run C) the demand for real money balances is proportional to income D) changes in the quantity of money lead to proportional changes in the price level E) none of the above
Firms that anticipate hold-up, choose organizational or contractual forms
a. that give both parties the incentive to make relationship-specific investments b. that give both parties the incentive to exploit each other's positions c. that gives both parties an incentive to trade, even after the relationship-specific investments have been made d. Both A&C
If the population is split up into quintiles by income, the bottom quintile would include:
A. the poorest half of the population. B. the poorest 60 percent of the population. C. the richest half of the population. D. the poorest 20 percent of the population.
If Kelly's output per hour in 1995 were 100 and her output per hour in 1996 were 105, how much would her productivity be in 1996?
A. 5 B. 100 C. 102.5 D. 105