Politicians have often kissed babies to improve their re-election prospects. A rational politician will kiss babies as long as
A) the public is impressed.
B) the marginal benefits exceed the marginal costs.
C) there is a camera crew to document the activity.
D) the babies are cute.
B
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The amount the government budget deficit would be if the economy were at full employment is known as the
A) primary deficit. B) full-employment deficit. C) natural deficit. D) current deficit.
Which of the following occurs when a shortage occurs in the market for a good?
a. Quantity demanded exceeds quantity supplied and the market mechanism pushes the price up, which in turn encourages more production and less consumption. b. Quantity supplied exceeds quantity demanded and the price falls, which encourages more production and less consumption. c. Quantity demanded exceeds quantity supplied and the market mechanism pushes the price down, which encourages more production and less consumption. d. Quantity supplied exceeds quantity demanded and the price rises, which encourages more production and less consumption.