In a representative democracy, there are
A. elected politicians.
B. public employees.
C. special interests.
D. all of these answer options are correct.
D. all of these answer options are correct.
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In the market for books, initially there are no taxes on books. Books are normal goods. The government introduces a tax of $4 a book and, at the same time, people's income fall by $4,000 a year
Following these two changes, the equilibrium quantity of books A) decreases. B) increases. C) remains unchanged. D) either increases or decreases. We cannot say which.
The focal point of the Bretton Woods system was the:
a. Great Britain pound. b. institution of special drawing rights. c. U.S. dollar. d. gold reserve. e. management of commodity money.
If a monopoly arises as a natural monopoly
a. using anti-trust law to break it up is a poor remedy b. anti-trust law should be used to break it up c. that is most likely due to a patent or copyright d. it will evolve into a perfectly competitive market in the long run e. it should be encouraged, because it is "natural"
An increase in the supply of gasoline, ceteris paribus, will cause equilibrium price
A. To fall and equilibrium quantity to rise. B. And equilibrium quantity to fall. C. To rise and equilibrium quantity to fall. D. And equilibrium quantity to rise.