If voters have single-peaked preferences:
A. a majority of them prefer a policy other than the median policy.
B. majority rule always leads to the selection of the median ideal policy.
C. majority rule never leads to the selection of the median ideal policy.
D. their net benefits from an activity decrease with the activity's level up to some point and then it increases.
B. majority rule always leads to the selection of the median ideal policy.
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The economy is at full employment and then aggregate demand increases. Describe what happens as an immediate result of the increase in aggregate demand. Describe how the economy adjusts back to full employment
What will be an ideal response?
The form of business organization responsible for generating the greatest portion of business revenues in the United States is the
A) corporation. B) dual proprietorship. C) proprietorship. D) partnership.
Suppose the income tax rate is 0 percent on the first $10,000; 10 percent on the next $20,000; 20 percent on the next $20,000; 30 percent on the next $20,000; and 40 percent on all income above $70,000. Family X has income of $100,000 while Family Y has income of $40,000. The marginal tax rates faced by the two families are
A. 30 percent on X and 20 percent on Y. B. 40 percent on X and 10 percent on Y. C. 30 percent on X and 30 percent on Y. D. 40 percent on X and 20 percent on Y.
According the Coase Theorem, the private sector can achieve social efficiency if the government:
a. establishes and enforces property rights. b. imposes taxes to serve as proxies for external costs. c. set rigorous environmental standards. d. encourages competition with antitrust laws.