If farm state legislators support the food-stamp program to aid the urban poor and urban state legislators in turn support farm subsidies, this is an example of:
A. the special-interest effect.
B. political logrolling.
C. the paradox of voting.
D. cost-benefit analysis.
Answer: B
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One cost of unanticipated inflation is
A) nominal income falls below real income. B) both lenders and borrowers lose. C) arbitrary redistributions of income. D) people cannot repay their debts.
According to Friedman, changes in the level of aggregate demand
a. are dominated by changes in the supply of money. b. cause the levels of output and employment to deviate from their natural rate for short periods of time. c. can cause movements of the economy away from the natural rate for at least 2 years. d. are dominated by changes in the demand for money. e. Both a and b.
If it is assumed that people vote for the candidate who comes closer to matching their own views, to win votes in a two-person race
A) one candidate will move to the far right of the political spectrum while the other moves to the far left. B) one candidate will move between the middle and far right end of the political spectrum while the other moves between the middle and the far left end. C) both candidates will move to the far right end of the political spectrum. D) both candidates will move to the far left end of the political spectrum. E) both candidates will move toward the middle of the political spectrum.
Which of the following would be considered an example of structural policy?
A. Provision of additional cash to the banking system. B. A reduction in income tax rates. C. An attempt to reduce the government budget deficit by reducing spending. D. A decision by a developing country to reduce government control of the economy and to become more market-oriented.