Explain the process of logrolling
What will be an ideal response?
Logrolling is a problem associated with majority-rule voting. It occurs when congressional representatives trade votes, agreeing to help each other get certain pieces of legislation passed.
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Because the United States does not have a comparative advantage in producing clothing, a fall in world prices increases imports and ________ U.S. production. U.S. consumers ________ and U.S. producers ________
A) decreases; gain; gain B) increases; gain; lose C) increases; gain; gain D) decreases; gain; lose E) decreases; lose; lose
Marginal revenue product is defined as the
a. change in total output that results from the employment of an additional unit of a resource b. change in total product that results from the employment of an additional unit of a resource c. change in total revenue that results from the employment of an additional unit of a resource d. change in resource employment that results from a change in total output e. change in marginal revenue that results from a change in the employment of an additional unit of a resource
If the number of South Korean Won it takes to buy a U.S. dollar rises and the prices of U.S. goods rise more than the prices of South Korean goods. then the US real exchange rate
a. appreciates and so U.S. net exports fall. b. appreciates and so U.S. net exports rise. c. depreciates and so U.S. net exports fall. d. depreciates and so U.S. net exports rise.
Which of the books used at the FOMC meetings contains a discussion of financial markets and current policy options?
A. The Beigebook B. Both the Beigebook and Greenbooks C. The Tealbook D. The Greenbook