Logrolling creates a political market and campaign donations are the medium of exchange
a. True b. False
b
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Suppose that newspaper companies are now required to use recycled paper, which is more expensive than new paper. Which of the following is most likely to result if the newspaper industry is highly competitive?
A) The firms' costs rise, resulting in positive economic profit in the short run and, hence, the industry supply curve shifts rightward in the long run. B) The firms' costs rise, resulting in economic losses in the short run and, hence, the industry supply curve shifts rightward in the long run. C) The firms' costs rise, resulting in economic losses in the short run and, hence, the industry supply curve shifts leftward in the long run. D) The industry supply curve shifts leftward in the short run, causing permanent long-run economic losses.
Since 1900, real GDP in the United States has grown
A) more rapidly than the population. B) as rapidly as the population. C) more slowly than the population. D) in a random unpredictable manner relative to the population.
James took out a fixed-interest-rate loan when the CPI was 200 . He expected the CPI to increase to 206 but it actually increased to 204 . The real interest rate he paid is
a. higher than he had expected, and the real value of the loan is higher than he had expected. b. higher than he had expected, and the real value of the loan is lower than he had expected. c. lower than he had expected, and the real value of the loan is higher than he had expected. d. lower then he had expected, and the real value of the loan is lower than he had expected.
The short-run effect from a decrease in the lump-sum tax rate shifts the AE curve ________ and the AD curve _______.
A) downward; rightward B) downward; leftward C) upward; rightward D) upward; leftward