Answer the following statement true (T) or false (F)
1) Logrolling can either increase or diminish economic efficiency.
2) Even if a majority of the population wants a law and the law is passed, the outcome may still
be economically inefficient.
3) The paradox of voting is that under majority voting rules the median voter decides the election
outcome.
4) Majority voting assures that government will provide a public good if it yields total benefits in
excess of total costs.
1) T
2) T
3) F
4) F
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The quantity of items circulating in the economy that can be used as money is called
A) representative commodity money. B) the money supply. C) commodity money. D) fiat money.
XYZ Co operates in a competitive market. Its marginal product of labor is 1/L, and it takes the wage and price as given. Derive the firm's short-run demand for labor as a function of w and p. How much labor will the firm hire if w = 2 and p = 10?
What will be an ideal response?
The federal government of the United States relies heavily on value-added taxes
a. True b. False Indicate whether the statement is true or false
All large firms have monopoly power.
Answer the following statement true (T) or false (F)