First-past-the-post voting structures tend to lead to a:
A. two-party system.
B. three-party system.
C. one-candidate system.
D. multi-party system.
A. two-party system.
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The law of demand refers to how
A) demand changes when people's incomes change. B) demand changes when the prices of substitutes and complements change. C) the quantity demanded changes when the price of the good changes. D) the price of the good changes when people's demand for the good changes. E) the quantity demanded changes when the demand for the good changes.
Which of the following types of economic regulation is most likely to encourage a natural monopoly to NOT inflate its costs?
A) average cost pricing rule B) rate of return regulation C) price cap regulation D) None of the above encourages cost cutting.
The long run refers to a time period
A) long enough for a firm to pay all of its creditors in full. B) long enough for a firm to change the use of its variable inputs. C) long enough for a firm to vary all of its inputs, to adopt new technology, and change the size of its physical plant. D) during which a firm is able to purchase all of its inputs, including its plant and equipment.
A large business finds it __________ than a small business to pursue secretly a high-risk investment in violation of the terms of its loan agreement, and so the large business is __________ beset by the moral hazard problem
A) more difficult; more B) more difficult; less C) easier; more D) easier; less