What should be the priority of politicians? Should they be mainly concerned with conveying and voting the wishes of the people that they represent? Should they be mainly concerned with standing for positions that they feel strongly about? Should they be mainly concerned with securing reelection?

What will be an ideal response?


All three issues are valid and must be dealt with in conjunction. The people that elected them as representatives expect to have their voices heard in a democracy. In addition, the people who elect a politician have to be able to trust their representatives' judgment on some issues. A politician not in office can have no impact, so reelection has to be a concern.

Economics

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Which of the following expenditures would be included in GDP for this year?

a. The purchase of a new car. b. The purchase of a new tire by General Motors for a new car. c. The purchase of a used car. d. All of these would be included.

Economics

To stop a speculative attack interest rates must be ________, which will ________ aggregate demand.

A. increased; increase B. decreased; decrease C. increased; decrease D. decreased; increase

Economics

Use the following consumption schedule to answer the next question. At income level 3, the amount of saving is represented by the line segment

A. FD. B. GH. C. FG. D. FH.

Economics

When a person's expressed valuation of a product is affected by the numbers in their head, this is an important implication of:

A. mental accounting. B. the decoy effect. C. bundling. D. the anchoring effect.

Economics