In a majority-rules democracy, economic thinking suggests that we should expect to see institutions and policies that
a. are short-sighted.
b. take the long view, sacrificing current benefits to get larger future benefits.
c. benefit the common citizen at the expense of narrow special interest groups which, after all, have fewer voters.
d. are biased against income transfer programs, regardless of constitutional limits.
A
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The aggregate supply curve relating the price level to real GDP has three distinguishing segments. Which one of the following indicates the segments? a. The horizontal segment reflects the increasing pressure on the price level as firms bid for resources. The upward-sloping segment reflects the availability of unusedresources. The vertical segment reflects the full employment of all resources
b. The horizontal segment reflects the availability of unused resources. The upward-sloping segment reflects the full employment of all resources. The vertical segmentreflects the increasing pressure on the price level as firms bid for resources. c. The horizontal segment reflects the full employment of all resources. The upward-sloping segment reflects the increasing pressure on the price level as firms bid forresources. The vertical segment reflects the availability of unused resources. d. The horizontal segment reflects the availability of unused resources. The downward-sloping segment reflects decreasing pressure on the price level as firms bid forresources. The vertical segment reflects the full employment of all resources. e. The horizontal segment reflects the availability of unused resources. The upward-sloping segment reflects increasing pressure on the price level as firms bid forresources. The vertical segment reflects the full employment of all resources.
Because of the greater flexibility that firms have in the long run, all short-run cost curves lie on or above the long-run curve
a. True b. False Indicate whether the statement is true or false