Explain the process of logrolling
What will be an ideal response?
Logrolling is a problem associated with majority-rule voting. It occurs when congressional representatives trade votes, agreeing to help each other get certain pieces of legislation passed.
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A government subsidy paid to a firm i. increases the demand for the good. ii. has no effect on the supply of the good. iii. leads to an increase in the equilibrium quantity
A) i only B) i and ii C) ii only D) iii only E) i and iii
Gross national product (GNP) of the United States is the value of all final goods and services
A) produced anywhere in the world by residents of the United States. B) produced in the United States by residents of any nation. C) produced and consumed within the United States. D) produced anywhere in the world, but consumed by residents of the United States.