From an economic point of view, _____ makes a lot of sense because it takes advantage of the gains produced by specialization
a. bicameral legislatures
b. representative democracy
c. proportionality in the House of Representatives
d. bureaucracy
b
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The quantity theory asserts that real GDP is
A) not influenced by the quantity of money. B) never different from potential GDP. C) equal to nominal GDP multiplied by the quantity of money. D) equal to nominal GDP divided by the quantity of money.
The 1980s were characterized by ________ monetary policy and ________ fiscal policy
A) tight; easy B) tight; tight C) easy; easy D) easy; tight
Analysis that is limited to making either purely descriptive statements or scientific predictions is
A) positive economics. B) normative economics. C) microeconomics. D) macroeconomics.
For a monopolist that engages in price discrimination, when the price elasticity in market 1 is less (in absolute value) than in market 2, the optimal price in market 1 will exceed the optimal price in market 2
a. true b. false