According to Hughes and Cain (2011), what did the Populists want?
(a) To use the federal government to redistribute income and wealth
(b) A more direct democracy that limited the powers of state legislatures
(c) A secret voting ballot and public education
(d) All of the above
(d)
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The slope of a negative relationship is
A) negative. B) undefined. C) positive to the right of the maximum point and negative to the left. D) constant as long as the relationship is nonlinear.
If two firms playing Cournot are identical with decreasing average costs, how should the firms divide production to maximize joint profits?
What will be an ideal response?
If the sacrifice ratio is 3, then reducing the inflation rate from 5 percent to 3 percent would require sacrificing
a. 2 percent of annual output. b. 6 percent of annual output. c. 8 percent of annual output. d. 11 percent of annual output.
The similarity between markets for common resources and markets with externalities is that:
A. generally we get an oversupply at market. B. the price that competitive firms charge does not capture the true costs and benefits of consumption. C. the equilibrium quantity is too high in terms of society. D. government involvement is needed to reach an efficient outcome.