Which of the following is true?
a. When the government undertakes an activity, we can be assured that all voters will gain.
b. If a government activity is favored by most citizens, it must be productive.
c. If most voters oppose a government activity, it must be counterproductive.
d. When voters pay in proportion to benefits received, all voters will gain if the government activity is productive.
D
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Refer to Scenario 1-1. Had the firm not produced and sold the last 400 t-shirts, would its profit be higher or lower, and if so by how much?
A) Its profit would be $800 higher. B) Its profit would be $800 lower. C) Its profit would be $4,800 higher. D) Its profit would be $4,000 lower.
Assume the economy is in short-run equilibrium at a real GDP above its potential real GDP. According to classical theory, which of the following policies should be followed? a. The Federal Reserve should use open market operations and buy U.S. government securities. b. The Federal Reserve should not follow a fixed rule
c. The federal government should cut taxes. d. Fiscal policy and monetary policy should not be activist.