When the majority of voters have preferences very different from those of the median voter, then the median voter theorem will lead to accurate predictions of the outcomes of elections
Indicate whether the statement is true or false
FALSE
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According to new growth theory,
A) growth in real GDP per capita occurs only if there are increasing returns. B) technological change is influenced by economic incentives. C) economic growth is determined by forces outside the control of the market system. D) centrally-planned economies are the most efficient.
In a market for homogenous goods:
A. firms sell identical products. B. firms sell different products. C. firms sell identical products for identical prices. D. firms sell different goods for identical prices.
According to Adam Smith, what is the primary source of a nation's wealth?
A. the amount of gold and silver in the government's possession B. a spirit of cooperation in which people share according to their means C. strong central planning authorities D. the people's ability to produce products and trade in free markets
All else being equal, if European firms switch from U.S. produced software to software produced in India, the equilibrium value of the U.S. dollar will:
A. fall. B. either rise or fall depending on whether the supply or demand for dollars changes more. C. rise. D. become fixed.