When General Motors pays an outside vendor for auto parts, this is an external cost.
Answer the following statement true (T) or false (F)
False
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Once voting preferences become more complicated than those assumed by the median-voter theorem:
A. the policies preferred by the average voter become more important. B. the way in which votes are cast becomes important. C. economists cannot analyze voting preferences successfully. D. the politicians stay more extreme in their views.
NAFTA was primarily formed because the member nations have ________.
A) static and dynamic liberalization policies B) similarly sized economies and resources C) geographic proximity to each other D) competing interest
Which of the following changes is not a shifter of the demand for a particular food product?
A. Changes in price of that product. B. Changes in consumer income. C. Changes in relative prices of substitute items. D. Changes in consumer perceptions of that product.
Which is the fastest growing component of the federal government budget?
A. spending on the military and the war on terrorism B. spending to improve the nation's public education C. spending on entitlements D. spending to improve and expand the nation's infrastructure