The median-voter theorem can help explain one reason why politicians tend to change their position on a given issue over the course of an election from:
A. one extreme to the other.
B. extreme to moderate.
C. extreme to more extreme.
D. moderate to extreme.
Answer: B
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In the United States, the wage floor legislated by government below which it is generally illegal to pay workers is known as
A) the minimum wage. B) the wage ceiling. C) the employment gap. D) the going wage.
Professional organizations (for example, the American Medical Association and the American Bar Association) have been active advocates for regulation to restrict the right of professionals to advertise. Describe what economic incentives might exist for existing professionals to restrict advertising
When a country imposes tariffs, it is likely to cause
A. Lower prices for domestic production. B. Increased quantities of imports. C. Higher prices for the import-competing goods both domestically and abroad. D. Less expensive exports.
Suppose the Swiss franc rises against the British pound but falls against the Japanese yen. What happens to the prices of goods imported into Switzerland?
A. British goods rise in price while Japanese goods fall in price. B. British goods fall in price while Japanese goods rise in price. C. Both British and Japanese goods rise in price. D. Both British and Japanese goods fall in price.