In the presidential election of 2008, record numbers of people vote in national, state, and local elections. This phenomenon was even more pronounced among young voters. What are possible explanations for this?
What will be an ideal response?
Increasingly, young people felt disaffected by the political process and did not feel that their
votes or voices actually mattered. Voters have become more aware of the issues and,
therefore, more inclined to participate in the political process.
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The table above lists the market shares of the twenty makers of personal computers. The Herfindahl-Hirschman Index for this industry equals
A) 5. B) 250. C) 1250. D) 500.
Real GDP
a. is nominal GDP adjusted for changes in the price level. b. is also called nominal GDP. c. measures GDP minus depreciation of capital. d. will always change when prices change.
When externalities are present,
a. suppliers will refuse to produce desired goods and services. b. this indicates that property rights are well-defined and enforced. c. competitive market outcomes may be inconsistent with ideal economic efficiency. d. competitive markets will generally achieve ideal economic efficiency.
The price elasticity of demand for a textbook is estimated to be 1 no matter what the price or quantity demanded. In this case:
A. a decrease in price will increase the total revenue of sellers. B. a 10 percent increase in price will result in a 10 percent increase in the quantity demanded. C. a 10 percent increase in price will result in a 10 percent decrease in the quantity demanded. D. an increase in price will decrease the total revenue of sellers.