In Niskanen's theory, bureaucrats obtain the budget they want by
a. lowering prices to consumers
b. raising prices to consumers
c. promising to produce more efficiently
d. threatening legislatures with an all-or-nothing choice
e. allowing legislators to cut particular items from their budget
D
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According to this Application, economist John Taylor believes that if the Fed had not followed "easy money" policy during the early 2000s,
A) housing starts would have declined quicker, accelerating the timing and severity of the housing bust. B) housing starts would have been much higher and the housing boom would have continued. C) housing starts would have been much lower and the housing boom and bust would have been avoided. D) housing starts would have stabilized, leading to a mild housing boom with no bust.
Imagine you own a perfectly competitive firm. Calculate your company’s total revenue, average revenue, and marginal revenue for a year, using hypothetical numbers. Do not use examples or numbers from the text.
What will be an ideal response?
When economic profits are negative, accounting profits
A. must be positive. B. will be negative. C. will equal zero. D. could be positive, negative or zero.
If a firm has a market share that exceeds ________ percent, most courts will conclude that the firm is a monopoly and if the market share exceeds ________ percent, the courts are likely to conclude that the firm is coming "dangerously close" to being a monopoly.
A) 99; 50 B) 75; 50 C) 90; 75 D) 80; 60