Which of the following predictions is consistent with public choice theory?
A) Voters will sometimes cast votes based on whether they like a candidate's personality, not on hard facts.
B) Many voters will be uninformed on political and government issues.
C) Much legislation will be special interest legislation.
D) b and c
E) a, b, and c
E
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When the staff of the account manager at the Fed's Open Market Trading Desk analyzes forecasts on Treasury deposits and information on the timing of future Treasury sales of securities, what agency does it interact with?
A) The Securities and Exchange Commission B) The Treasury's Office of Government Finance C) The Treasury's Office of Federal Reserve Relations D) The Federal Deposit Insurance Corporation
The definition of cross-elasticity of demand with regard to two products X and Y is: a. the percentage change in the quantity of X demanded divided by the percentage change in the quantity of Y demanded. b. the percentage change in the price of Y divided by the percentage change in the quantity of X demanded
c. the percentage change in the price of Y divided by the percentage change in the price of X. d. the percentage change in the demand of one good (good X) divided by the percentage change in the price of another good (good Y).
The principle of diminishing marginal utility says that
a. as more of a good or service is consumed, demand will decrease. b. as more of a good or service is consumed, the price will rise. c. the marginal utility of additional units consumed will increase. d. the marginal utility of additional units consumed will decline.
In one day Portal Computer Company made 400 laptops with 1200 hours of labor. What was its productivity?
a. 1/3 laptop per hour b. 3 hours per laptop c. 1200 laptops d. 400 laptops