In presidential elections, voters often find that they do not agree with any single candidate on all the issues that matter to them (the voters). This is known as the:
A. Principal-agent problem
B. Limited and bundled choice problem
C. Rent-seeking behavior problem
D. Lack of accountability problem
B. Limited and bundled choice problem
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If firms in a competitive industry independently operate to maximize profits, the ________ are eventually equalized across the firms
A) total costs B) marginal costs C) profits D) revenues
The price of a commodity in terms of another commodity is
A) the law of demand. B) a substitute. C) the money price. D) the relative price.
What do Keynesian economists believe that the expenditure multiplier is?
a. Less than one b. Equal to one c. Greater than one d. Can be greater or less than one
Which of the following fiscal policy actions would be appropriate if the economy is experiencing an inflationary gap?
A. an increase in taxes B. an increase in government spending C. an increase in the money supply D. a decrease in interest rates