Under representative democracy,
a. the median voter's preferences are always satisfied
b. citizens no longer have any influence since they do not vote on each issue
c. representatives may reflect the preferences of the median voter
d. less vote trading will occur than under direct voting
e. vote trading is impossible
C
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Refer to Figure 15-12. In the dynamic AD-AS model, if the economy is at point A in year 1 and is expected to go to point B in year 2, the Federal Reserve would most likely
A) increase the inflation rate. B) decrease interest rates. C) not change interest rates. D) increase interest rates.
Frank Banks manufactures and sells piggy banks in a perfectly competitive market. The firm recently purchased new equipment with an expected rate of return of 7 percent
If the market rate of interest is 8 percent, was the firm's decision to purchase the equipment a wise one? Explain.