Representative democracy works best _____
a. to allocate resources when constitutional rules limit the scope of collective action
b. to equalize income when constitutional rules mandate a simple majority rule for all collective decision-making
c. with a strong executive branch
d. external costs of collective decision-making are extremely high
a
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Using Figure 9.1, explain what a firm would do in the short run if the market price of its product were at P4 and it produced Q4 . Is the firm earning an economic profit? Explain
What will be an ideal response?
Consider two industries, industry W and industry X. In industry W there are five companies, each with a market share of 20% of total sales. In industry X, there are six companies
One company has a 50% market share and each of the other five firms has a market share of 10%. a. Calculate the four-firm concentration ratio for each industry. b. Calculate the Herfindahl-Hirschman Index (HHI) for each industry. c. What do the values of the two concentration measures imply about the degree of market power in the two industries? Figure 15-18
Which of the following will not cause an increase in the natural rate of unemployment?
A) an increase in m B) an increase in z C) an increase in the expected inflation rate D) a reduction in m E) none of the above
Welfare programs differ from social insurance programs in that welfare programs
A. Are available only to people who do not work. B. Offer benefits only to the needy. C. Are event-based. D. Have low target efficiency.