By using mail-in ballots, voter participation may fall. This can be explained as the decreased:
A. benefits of being seen voting are smaller than the decreased costs of voting.
B. costs of voting are outweighed by the decreased benefits of being seen voting.
C. costs of voting are larger than the decreased benefits of being seen voting.
D. benefits of being seen voting are smaller than the increased costs of voting.
Answer: B
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Institutions:
A) are mostly outside of human control. B) place constraints on human behavior, and these constraints may not be absolute. C) cannot be changed over time. D) do not affect incentives.
In the above figure, at a price of $4 per unit, a profit-maximizing perfectly competitive firm will
A) shut down because its total revenue is less than its variable costs. B) incur an economic loss. C) produce 5 units. D) Both answers A and B are correct.
The income elasticity of demand is the
A) absolute change in quantity demanded resulting from a one unit increase in income. B) percent change in quantity demanded resulting from the absolute increase in income. C) percent change in quantity demanded resulting from a one percent increase in income. D) percent change in income resulting from a one percent increase in quantity demanded. E) percent change in income resulting from a one percent increase in price.
Which of the following is an income number?
a. M1 b. M2 c. GDP d. cash