One important difference between the political process and the market process is that
A) the political process results in collective actions that maximize economic surplus, while the market process may lead to efficiency losses.
B) the political process results in collective actions in which everyone is made better off, while the market process results in actions that favor some groups only.
C) the political process results in collective actions in which not everyone is required to participate, while in the market process individuals are obliged to participate.
D) the political process results in collective actions in which everyone is obliged to participate, while in the market process individuals are free to participate or not.
D
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The two sector flow model represents a good way to see how GDP is counted. What are the two methods or approaches to counting GDP?
What will be an ideal response?
Which of the following is an example of behavior that is not rational?
A) buying stocks after stock prices have declined B) buying stocks after stock prices have risen C) a significantly higher enrollment in 401K plans if people are automatically enrolled rather than having the option of signing up on their own D) enrollment in 401K plans during a bear market
Which of the following is not a determinant of elasticity?
a. availability of substitutes b. share of the consumer's budget spent on the amount c. duration of the adjustment period d. the location of the product
An import ban on shrimp increases the price of shrimp, decreases the quantity of shrimp, and therefore domestic producers will gain at the expense of domestic consumers.
Answer the following statement true (T) or false (F)