Efficient voting outcomes would assign weights to each vote that are:
A) equal.
B) egalitarian.
C) higher for the median voter and lower for other voters.
D) proportional to the voter's strength of preference.
D
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If policy makers believe that the equilibrium wage rate is too low, policy makers can raise wages by legislating a minimum wage, that is, a wage
A) ceiling above the equilibrium wage. B) ceiling below the equilibrium wage. C) floor above the equilibrium wage. D) floor below the equilibrium wage.
Nominal GDP differs from real GDP because:
a. Real GDP is adjusted for changes in the price level b. Nominal GDP is adjusted for changes in the price level c. Nominal GDP is based on constant prices d. Real GDP is based on current prices
Which of the following is not a lagging indicator?
A. duration of unemployment B. stock prices C. commercial and industrial loans D. prime rate
Recall the Application about how society will cope with increased demands for entitlement programs to answer the following question(s). This Application addresses the impact of increasing life expectancy and aging populations on the costs of government entitlement programs such as Social Security, Medicare and Medicaid, and examines several possible solutions to the potential problem.According to this Application, one solution proposed to deal with the rising expenses of government entitlement programs is to raise taxes. An increase in taxes to help cover the rising expenses of entitlement programs would:
A. increase aggregate demand, shifting the AD curve to the right. B. increase aggregate demand, shifting the AD curve to the left. C. decrease aggregate demand, shifting the AD curve to the right. D. decrease aggregate demand, shifting the AD curve to the left.