The median voter
a. is the voter exactly in the middle of the distribution.
b. is the voter whose preferred outcome beats any other proposal in a two-way race.
c. always has more than half the votes on his side in a two-way race.
d. All of the above are correct.
d
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First movers
A) are usually firms with large market share. B) are the first to bring out a new product. C) usually copy successful products. D) are mainly found in the computer industry. E) have memorable trade names.
Under a gold standard,
a. with a balance of payments deficit, interest rates would fall and attract foreign capital. b. a deficit in the balance of payments increased a nation's money supply automatically. c. all currencies were defined in terms of gold. d. when a nation had a deficit in its balance of payments, more gold was flowing in than was flowing out. e. All of the above are correct.
Real business cycle theory suggests that changes in
A. technology and resources affect productivity, and thus the long-run growth of aggregate supply. B. monetary policy is the single most important cause of macroeconomic instability. C. the velocity of money is gradual and predictable and thus able to accommodate the long-run changes in nominal GDP. D. investment spending will have a direct and significant effect on aggregate demand.
The payment of interest not only on the original deposit, but on all previously accumulated interest is called:
A. simple interest. B. the real interest rate. C. the nominal interest rate. D. compound interest.