From an economic point of view, the idea of establishing a government to further the will of the majority _____
a. means that marginal political costs and marginal political benefits are being equalized
b. makes sense because the majority could exploit the minority
c. does not make any sense because the majority could exploit the minority
d. would lead to a large transitional gains trap
c
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Prior to the recession which began in late 2007, the Federal Reserve purchased ________ of the government budget deficit
A) none B) about 50 percent C) a small portion D) all
Suppose that a market is initially in equilibrium. Then the government imposes a price floor above the equilibrium price. Which of the following will occur in the absence of a black market?
a. The market will remain in equilibrium. b. The quantity sold will drop. c. The quantity demanded will increase. d. The quantity supplied will decrease. e. An excess demand will develop.
On a graph with time on the horizontal axis and real GDP per capita on the vertical axis, the income levels of poorer countries are
a. diverging more from the incomes of rich countries. b. maintaining a constant gap with the incomes of richer countries. c. crossing the line representing richer countries. d. coming closer to the line representing richer countries.
Oligopoly is a market structure characterized by ________ number of firms who behave ________
a. large, interdependently. b. large, independently. c. a few, interdependently. d. a few, independently.