The median voter theorem will be an accurate predictor of the outcome of elections
A) when a majority of voters have preferences very similar to those of the median voter.
B) when a majority of voters have preferences very different from those of the median voter.
C) regardless of whether preferences among voters are similar to or different from those of the median voter.
D) only when voter turnout is very low.
C
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The form of economic organization in which productive resources are privately owned by individuals, and those individuals independently decide what to produce is called
A) communism. B) capitalism. C) socialism. D) utilitarianism.
Drug companies protect their monopolies over various drugs they develop by utilizing
A) patent protection. B) low cost production. C) diseconomies of scale. D) zero economic profits in the long run.
The total money supply in the economy will not increase if you deposit $200 given to you on your birthday in your checking account, and the bank holds $100 of that money as vault cash, and loans out the other $100
Indicate whether the statement is true or false
After Hurricane Katrina, the supply curve for oil shifted to the left, and as a result
A. gas prices remained at the equilibrium price. B. there was a corresponding shift of the demand curve. C. a new equilibrium price was reached. D. the equilibrium point moved along the supply curve.