Vote trading is especially likely to happen when ______.
a. the costs to the many for special projects are high
b. the costs to the many for special projects are low
c. most voters are well-informed
d. Congress is transparent about the way it works
b. the costs to the many for special projects are low
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Refer to the graphs below. Which one shows a situation where buyers are all willing to pay one uniform price for the product?
A. Graph A
B. Graph B
C. Graph C
D. Graph D
The demand for a product produced by a union becomes more elastic. After this change, how does an increase in the wage rate paid its members affect their employment?
A) It does not decrease employment at all. B) It decreases employment by less than it would have before. C) It decreases employment by more than it would have before. D) It increases employment.
What is the Fisher Effect? Provide an example
What will be an ideal response?
Robinson Crusoe is stranded on an island. He finds that coconuts are freely available (zero harvest cost), but fish are difficult to harvest and require a lot of energy. As a result, harvesting fish has a high price
If coconuts and fish are imperfect substitutes, what is Robinson Crusoe likely to consume? A) He will consume more coconuts than fish. B) He will consume more fish than coconuts. C) He will consume equal amounts of both goods. D) Not enough information is given.