Voting as a mechanism for public choice is associated with a number of problems including
A. majority rule voting can lead to contradictory and inconsistent results.
B. disengaged voters with very little incentive to inform themselves of the issues.
C. logrolling.
D. all of the above.
Answer: D
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In a market-based economy, what is the role of a system of prices?
A. To create abundance and surpluses B. To make goods and services too expensive. C. To address the problem of scarcity D. To create shortages
The effect of a tariff or a quota is to
a. raise the price of a commodity in the exporting country above the price in an importing country. b. raise the price of a commodity in an importing country above the price in the exporting country. c. lower the price of the commodity in all countries. d. raise the price of the commodity in all countries.
When a nation's exports exceed its imports, it has a
A. exchange rate discrepancy. B. trade shortage. C. trade embargo. D. trade surplus.
What is meant by the term "free market"?
What will be an ideal response?