Identify some of the salient features of voting as a method of determining the majority preference
Voting for elected officials and government policies can sometimes bring outcomes that are consistent with the preferences of the median voter. In other situations the voting process is manipulable, either because the person who sets the agenda can control the outcome, or because voters can individually gain by misrepresenting their true preferences.
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If the economy has a structural deficit of $25 billion and a cyclical deficit of $75, we can conclude that the current budget deficit is ________ billion
A) $75 B) $25 C) $0 D) $50 E) $100
According to the liquidity preference theory, the demand for money is ________ related to aggregate output and ________ related to interest rates
A) negatively; negatively B) negatively; positively C) positively; negatively D) positively; positively
The price setting relation is
A) horizontal. B) upward sloping. C) downward sloping. D) vertical.
Agricultural price supports have been criticized because they:
A. Hasten the exodus of labor from agriculture B. Subsidize consumers at the expense of farmers C. Help large-scale farmers rather than small farmers D. Create product shortages