The referendum version of the median voter model allows voters to vote on a series of marginally increasing quantities of a good
a. True b. False
b
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The assumption of a fixed number of firms is appropriate for analysis of
a. the short run but not the long run. b. the long run but not the short run. c. both the short run and the long run. d. neither the short run nor the long run.
Which of the following is an example of entrepreneurship?
A) a student who produces and sells t-shirts at a football game B) all of the above C) an employee who figures out how to make her services more valuable to the business for which she works D) a 15-year old who operates a lemonade stand during hot summer days
Unions often oppose increases in the prices of complementary inputs (for example, truck drivers may oppose increases in taxes on diesel fuel). They do this because increases in the prices of complementary inputs might:
A. increase the supply of competing labor through the output effect. B. increase the supply of competing labor through the substitution effect. C. decrease the demand for union labor through the output effect. D. decrease the demand for union labor through the substitution effect.
An economist estimates that on average, for every 1 percent increase in income, the quantity of European cars demanded increases by 1.93 percent. From this information one can conclude that European cars are:
A. a luxury. B. a negative good. C. an inferior good. D. a necessity.