All of the following conditions must exist for the median-voter theorem to hold except that:
A. candidates win by majority vote.
B. the policy being voted on must be uncontroversial.
C. there is a single one-dimensional policy question.
D. there are only two candidates.
Answer: B
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The processes used to produce goods and services describes
A) technology. B) entrepreneurship. C) capital. D) innovation.
The amount of income a consumer has to spend on goods and services is known as
A) wealth. B) a budget constraint. C) purchasing power. D) effective demand.
The relation S + (T - G) = I + NX describing the equilibrium of an economy explicitly demonstrates
A) deficit spending by the government reduces either investment and/or net foreign investment. B) deficit spending reduces private saving (assuming net foreign investment remains unchanged). C) as private saving increases net foreign investment must decrease, exports decline. D) as private saving increases the deficit must decline if investment decreases.
If government regulators make the natural monopolist set price equal to marginal cost
A) the natural monopolist will make zero economic profits. B) the natural monopolist will make normal profits. C) the natural monopolist will make losses and go out of business. D) the natural monopolist will make positive economic profits larger than if it wasn't regulated at all.