Military expenditures in democratic nations may be _____
a. too low because politicians have long time horizons
b. too low because politicians have short time horizons
c. too high because politicians have long time horizons
d. too high because politicians have short time horizons
b
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If a society is operating at a point inside its production possibilities frontier, then this society's
A) resources are being inefficiently utilized. B) production possibilities frontier will shift rightward. C) resources are being used in the most efficient manner. D) economy will grow too fast.
Labor hoarding occurs when
A) firms keep good workers so other firms can't hire them. B) the unemployment rate exceeds the natural rate of unemployment. C) involuntary unemployment exceeds voluntary unemployment. D) because of hiring and firing costs, firms retain workers in a recession that they would otherwise lay off.
The pricing rule MR=MC holds for
a. All firms b. Single product firms c. Multiple product firms d. None of the above
Over the past several decades, U.S. firms have faced more competition from overseas firms. Does this have any impact on the market power of U.S. oligopoly firms?
A. Yes, competition from overseas firms can substantially limit domestic firms' market power. B. no, because the United States government has effectively blocked all imports that might compete with domestic firms in oligopoly industries C. There is no way to know. D. no, because domestic firms in oligopoly markets are always so dominant that overseas producers have little or no impact on those markets