A federal system of governments can limit the problems posed by special interests because _____
a. it provides voters with other governments to compare to their own
b. it increases the number of legislatures to oversee the bureaucracies
c. it decreases rational ignorance
d. b and c
a
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We cannot predict the effect on the equilibrium quantity, but know that the market clearing price will increase when
A) supply decreases and at the same time demand increases. B) supply increases and demand increases simultaneously. C) supply and demand decreases simultaneously. D) supply and demand increases simultaneously.
The major determinant of an individual's income is
a. how much she enjoys the work. b. how productive she is combined with demand for what she produces. c. whether or not her family is wealthy. d. how well she gets along with her co-workers and boss.
In the figure above, the demand is inelastic in the range of prices between
A) $3.50 and $4.50 per cup B) $2.50 and $3.50 per cup C) $1.00 and $2.00 per cup D) $2.25 and $4.50 per cup E) $2.75 and $3.75 per cup
Ashwini is thinking of buying travel insurance (which pays her if she needs to cancel her trip) for her trip to Cancun over spring break. There is a 5 percent chance that she will need to cancel her trip
Without insurance she would lose the full $2,000 price of the trip; with insurance she would get a full refund of $2,000. The premium for this insurance is $105. Which of the following is CORRECT? I. The expected value of Ashwini's loss is $100. II. If Ashwini is risk averse she is willing to buy the insurance only if its price is less than $100. A) I only B) II only C) I and II D) neither I nor II