A situation in which the outcome of an election is sensitive to the order of events is called
A) the agenda paradox.
B) strategic voting.
C) the Condorcet paradox.
D) Borda-count manipulation.
A
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In the above figure, curve b shows the
A) bottles of soda that people are willing to forgo to get another bicycle. B) bottles of soda that people must forgo to get another bicycle. C) benefits of producing more bicycles is greater than the benefits of producing more soda. D) benefits of producing more soda is greater than the benefits of producing more bicycles.
Which of the following is true about the demand curve for a monopolistically competitive firm?
a. It is less elastic (steeper) than for monopoly, but more elastic (flatter) than for a perfectly competitive firm. b. It is less elastic (steeper) than the demand curve for either a monopoly firm or a perfectly competitive firm. c. It is more elastic (flatter) than the demand curves for either a monopoly firm or a perfectly competitive firm. d. It is less elastic (steeper) than for a perfectly competitive firm, but more elastic (flatter) than for a monopoly firm.
If the government chooses not to buy or sell foreign currencies, it has a:
A. flexible exchange rate. B. fixed exchange rate. C. gold standard. D. partially-flexible exchange rate.
Suppose the economy is initially operating at full employment. A fiscal policy action that results in an increase in the size of the budget deficit will cause which of the following in the long run?
A. a reduction in the price level. B. change the composition of real GDP. C. an increase in real GDP. D. have no effect on both the level and composition of real GDP.