What are the voting rules followed by the political system as opposed to the market system?
What will be an ideal response?
In the political system, one person gets one vote, while in the market system, each one dollar that a consumer spends counts separately. The political system is run by majority rule, while the market system is run by proportional rule. In the market system, the spending of dollars indicate intensity of want, while this is not the case in the political system due to its all-or-nothing nature.
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The lawmaking time lag is best described as the time that it takes
A) Congress to realize that new laws must be passed to change taxes or spending. B) a newly passed law to become the norm in daily lives. C) the President to sign a bill sent from Congress. D) a jury to render a verdict. E) Congress to pass laws needed to change taxes or spending.
Which of the following would result in a movement along the production possibilities curve?
A) a fall in the unemployment rate B) growth in the capital stock C) population growth D) a change in the outputs of two goods that a society chooses to produce