The median-voter model implies that a political office seeker will:
A. adopt more extreme views when seeking his or her party's nomination than when running
against the other party's opponent.
B. adopt less extreme views when seeking his or her party's nomination than when running
against the other party's opponent.
C. favor extensive government spending because demand curves for public goods are added
vertically rather than horizontally.
D. favor the private resolution of externality problems rather than governmental intervention.
Answer: A
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When there is a recessionary gap, inflation will ________, in response to which the Federal Reserve will ________ real interest rates, and output will ________.
A. decline; lower; decline B. increase; raise; decline C. decline; lower; expand D. decline; raise; decline
Changes in the money market have an impact upon the bond market
Indicate whether the statement is true or false
Which of the following explains the shape of an average total cost (ATC) curve?
a. Average fixed cost drives up ATC at very high levels of output. b. ATC is high at both very small and very large levels of output. c. ATC curves are U-shaped because variable input costs fluctuate. d. ATC is low at low output and high at high output.
Refer to Table 3.1 to answer the following questionTable 3.1 Individual Demand and Supply SchedulesQuantity Demanded byPriceAlejandroBenCarlMarket$8.00842________6.001244________4.002046________2.002246________Quantity Supplied byPriceAveryBrandonCassandra $8.006046________$6.004244________$4.002442________$2.00640________In Table 3.1, if the price is $8, the market will
A. Experience a surplus of 30 units. B. Experience a surplus of 56 units. C. Be in equilibrium. D. Experience a shortage of 22 units.