(Consider This) Voter failure describes the situation where:
A. an insufficient number of voters turn out to express their preferences.
B. voter preferences cannot be adequately captured because of a voting paradox.
C. voters support policies that would reduce productive and allocative efficiency.
D. government officials make poor decisions that contradict voter preferences.
Answer: C
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During the expansion phase of the business cycle, business firms become optimistic about their future earning capacity as do banks. Nominal interest rates rise during expansions. Investment lending could be expected to
A) rise if the change in future earnings is thought to be greater than the change in interest rates. B) stay the same. C) fall. D) fall if the change in future earnings is thought to be greater than the change in interest rates.
The term that refers to the price level rising at a low rate is
a. hidden inflation b. creeping inflation c. repressed inflation d. disinflation e. deflation