Refer to Figure 24-2. Ceteris paribus, an increase in the expected future price level would be represented by a movement from
A) SRAS1 to SRAS2. B) SRAS2 to SRAS1. C) point A to point B. D) point B to point A.
B
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Interest payments in the United States increased during the 1980s because of: a. growing federal deficits
b. a low tax rate. c. growing budget surpluses. d. a fall in government expenditure. e. an increase in national savings.
If a regulatory board wanted to make sure that a natural monopoly earned a normal rate of return, it should set price which is equal to: a. marginal cost
b. average fixed cost. c. average variable cost. d. average total cost.
In any country, the population will generally be better off as long as the ____ over time and population ____
a. quantity and quality of output decreases; does not increase faster than real output b. quantity and quality of output increases; increases faster than real output c. quantity and quality of output increases; does not increase faster than real output d. technology improves; increases faster than real output
Pair-wise majority voting entails:
A. voting on options that is done in pairs, and the majority vote wins. B. voters ranking all available options and the option most approved of wins. C. one vote with many options, and the option with the most votes wins. D. None of these describes pair-wise majority voting.