An implication of the median voter theorem is that
a. minority views and majority views are given equal weight.
b. platforms of the major political parties will not differ greatly.
c. the logic of democracy is fundamentally flawed.
d. behavioral economics plays a significant role in voting outcomes.
b
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In the above figure, the initial supply of loanable funds curve is SLF0 and the initial demand for loanable funds curve is DLF0. An economic expansion that raises disposable income and the expected profit would
A) only shift the supply of loanable funds curve rightward to a curve such as SLF1. B) shift the supply of loanable funds curve rightward to a curve such as SLF1, and shift the demand for loanable funds curve rightward to a curve such as DLF1. C) only shift the demand for loanable funds curve rightward to a curve such as DLF1. D) have no effect on either the demand for loanable funds curve or the supply of loanable funds curve.
If the Phillips curve was nearly horizontal, a: a. substantial increase in inflation would be caused by a decrease in unemployment
b. substantial decrease in inflation would be caused by a decrease in unemployment. c. substantial decrease in unemployment could be achieved with only a small increase in inflation. d. substantial increase in unemployment could be achieved with only a small increase in inflation.
Most sales taxes are __________; most excise taxes are __________.
A. progressive; progressive B. regressive; regressive C. progressive; regressive D. regressive; progressive
An act of production, as economists use the term, is demonstrated by which of the following?
A. An individual buys municipal bonds to avoid taxes. B. A local nonprofessional theater company performs a play. C. A firm buys a pre-existing building in order to expand its operations. D. A worker places money in a pension fund.