In the median voter theory, the distribution of voters ______.
a. must be normal
b. must be even
c. may be skewed in some direction
d. is unimportant to the candidate
c. may be skewed in some direction
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In the New Keynesian model, if there is a decrease in anticipated future total factor productivity, then
A) there should be no change in monetary or fiscal policy. B) the central bank's interest rate target should be increased. C) government spending should fall, and the central bank's interest rate target should rise. D) government spending should increase.
In a market economy, government officials make most production decisions in a centralized manner
a. True b. False Indicate whether the statement is true or false
One result of an unanticipated reduction in aggregate demand would be that
A. there would be no change in hiring. B. fewer firms would be hiring. C. the price level would rise. D. more firms would be hiring.
When a firm's long-run average cost curve is horizontal for a range of output, then that range of production displays
A) constant average fixed costs. B) decreasing returns to scale. C) increasing returns to scale. D) constant returns to scale.