When voters pay taxes in proportion to the benefits they receive from government projects,
a. efficient projects will tend to be opposed by a majority of voters.
b. inefficient projects will often be favored by a majority of voters.
c. projects that are efficient will tend to be favored by an overwhelming majority of voters.
d. democratic political decision making can be expected to work poorly.
C
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In recent years, the cost of producing organic produce in the United States has decreased largely due technological advancement. At the same time, more and more Americans prefer organic produce over conventional produce
Which of the following best explains the effect of these events in the organic produce market? A) Both the supply and demand curves have shifted to the right. As a result, there has been an increase in both the equilibrium price and the equilibrium quantity. B) Both the supply and demand curves have shifted to the right. As a result, there has been an increase in the equilibrium quantity and an uncertain effect on the equilibrium price. C) The supply curve has shifted to the left and the demand curve has shifted to the right. As a result there has been an increase in the equilibrium quantity and an uncertain effect on the equilibrium price. D) The supply curve has shifted to the left and the demand curve has shifted to the right. As a result, there has been an increase in the equilibrium price and an uncertain effect on the equilibrium quantity.
Which of the following is an example of the endowment effect?
A) A consumer places a higher value on a good currently owned as compared to a good they are considering purchasing. B) A consumer uses a portion of income in order to provide income to future generations. C) As a consumer's income increases, they increase consumption of most goods. D) Consumers will tend to value objects the same for buying and selling.
Consider the opportunity costs of producing goods X and Y that are listed for the four individuals above. Which person has a comparative advantage in producing good X?
A) Pramilla B) Sam C) George D) Lucas
The effect of a change in net taxes on the quantity of real GDP demanded equals the resulting shift in the consumption function times _____
a. the marginal propensity to consume b. the marginal propensity to save c. the autonomous net tax multiplier d. the simple spending multiplier e. the marginal tax rate