The referendum version of the median voter model concludes that _____
a. by decreasing output slowly, the median voter will adjust her preferences to those of the ballot organizer
b. by increasing output slowly, the median voter will adjust her preferences to those of the ballot organizer
c. the outcome preferred by the median voter will be chosen by unanimity
d. the outcome preferred by the median voter will be chosen by majority rule
d
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When society produces the combination of goods and services on the PPF that it values the most highly, society has
A) achieved only production efficiency and definitely not allocative efficiency. B) achieved only allocative efficiency definitely not production efficiency. C) achieved both production efficiency and allocative efficiency. D) achieved a free lunch. E) perhaps achieved production efficiency and has perhaps achieved allocative efficiency.
An example of a supply shock could be ________
A) a technological innovation B) a natural disaster C) an oil price increase D) all of the above E) none of the above
An effective minimum wage will increase the quantity demanded of labor.
Answer the following statement true (T) or false (F)
Explain why some argue that income tax loopholes primarily benefit the rich.
What will be an ideal response?