The central idea of the consensus vision of democracy is that policy should be determined by ______.
A. only the representatives
B. those with minority preferences
C. those with majority preferences
D. as many citizens as possible
D. as many citizens as possible
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Explain the difference between the marginal rate of substitution and the marginal rate of transformation
What will be an ideal response?
If the demand curve is a straight line with a negative slope, then demand is more elastic at higher prices than lower prices
a. True b. False
Eamon buys a new barbecue using his credit card. In other words, Eamon has used ______ to purchase the barbecue.
a. a guaranteed loan b. currency c. fiat money d. a demand deposit
Suppose you paid $300 to take this economics course, which meets 30 times for one hour a class during the course of the semester. Instead of attending class you could have either flipped hamburgers for $10 an hour or waited tables for $8 an hour. Given this information, the opportunity cost of attending each class session is:
A. $10. B. $30. C. $13. D. $8.