One result of voters' rational ignorance is that
a. cyclical majorities are more common
b. vote trading is common
c. majority rules
d. special interests often dominate legislation
e. members of Congress go along with whatever their constituents want
D
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Answer the following statement(s) true (T) or false (F)
1. The firms in a cartel act together to achieve a similar outcome as a monopolist. 2. Consumers are the primary beneficiaries of collusive oligopoly due to lower prices. 3. The more firms in a cartel, the more difficult it is for all the firms to reach consensus. 4. Collusive oligopolies are strictly illegal under U.S. antitrust laws. 5. Price leadership involves formal meetings between the price leader and the price followers.
Considering the roughly $1.35 trillion in U.S. currency held by the public:
A. the Federal Reserve distributes the amount equally across all denominations of bills. B. over half of the currency held in the form of $20 bills. C. over 90% of the amount is held in the form of $1 bills. D. more than three-fourths is held in the form of $100 bills.
The quantity theory of money:
A. has become increasingly irrelevant. B. is more relevant today than ever before. C. is no longer relevant. D. is relevant in some cases but not others.
Which of the following is a normative economic statement?
A. An increase in corporate income taxes will cause the unemployment rate to increase. B. Teenage unemployment is too high for the United States. C. The costs of medical care are increasing faster than the incomes of U.S. citizens. D. Teenage unemployment is over 12 percent today.