Local construction projects and military base funding are usually passed through Congress by using ______.
a. vertical equity
b. user fees
c. rational ignorance
d. logrolling
d. logrolling
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Elijah, a basketball fan, reasons that because his favorite team has three superstars on it, the team must be a great team and will win the championship. Elijah is committint the
a. fallacy of composition b. fallacy that association is causation c. fallacy of segmentation d. mistake of ignoring secondary effects e. mistake of ignoring the obvious
Monopolists can earn positive economic profits in the long run because they are more productively efficient than perfectly competitive firms
a. True b. False
How many U.S. dollars does a U.S. importer need to pay for 100,000 yen worth of stereo equipment when the price of 1 yen is $0.008?
a. $125 million b. $1.25 million c. $80,000 d. $1,250 e. $800
When the Federal Reserve System was first established, which of the following was its chief responsibility?
a. Keeping the inflation rate low and stable b. Ensuring the stability of the banking system c. Achieving full employment of the labor force d. Keeping the interest rate low and stable e. Keeping output growth high and stable