The median voter theorem states that majority-rule political systems will produce policies that are most preferable for the median voter
a. True
b. False
Indicate whether the statement is true or false
True
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Specialization and international trade will
A. make a nation consume a combination on its production possibilities frontier. B. allow a nation to consume beyond its production possibilities frontier. C. move a nation to a point inside its production possibilities frontier. D. result in a rightward shift of a nation's production possibilities frontier.
Under a market system, the people with information about buyers' desires, production technology and resources make the decisions
Indicate whether the statement is true or false
In short-run equilibrium, a competitive price-taker firm
a. may earn a profit or a loss. b. always earns a profit. c. never earns a profit. d. earns a profit only if the firm has no fixed cost.
Higher rates of substitution are indicated by _______ values of the marginal rate of substitution.
A. small negative B. large negative C. small positive D. large positive