Explain how elections in countries with democratic political institutions can place controls on corruption
What will be an ideal response?
Elections are a good way of disciplining politicians and restricting corruption because elections incentivize politicians by offering rewards and punishments—reelection versus being voted out of office. Depending on the availability of undistorted information, voters can reward good behavior with reelection and punish bad behavior by switching their votes.
A-head: CONTROLLING POLITICIANS
Concept: Electoral controls on politicians
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To determine if a market is an oligopoly, we need to determine if
A. the market's HHI is less than 900. B. the firms are so few that they recognize their mutual interdependencies. C. cartels are legal in their market. D. the firms make identical or differentiated products. E. there are many firms in the market.
The above payoff matrix shows the economic profits (in millions of dollars) of two firms in a duopoly that have agreed to a cartel agreement to restrict their output and set their prices equal to the monopoly price
Assuming the game is played once, the equilibrium outcome is where A) both choose the monopoly price. B) both choose the competitive price. C) firm A chooses the monopoly price and firm B chooses the competitive price. D) firm B chooses the monopoly price and firm A chooses the competitive price.
If you knew that an investment was going to pay you $128 in 5 years, and you knew that the annual interest rate over that time would be 5 percent, you could calculate the present value to be:
A. $95. B. $90. C. $105. D. None of these is true.
Refer to the information provided in Figure 6.15 below to answer the question that follows.
 Figure 6.15Refer to Figure 6.15. If the price of a hot dog is $2, Jason's income is
A. $25. B. $200. C. $300. D. indeterminate because the price of sandwiches is not given.