If preferences are one-dimensional and preferences are single peaked, majority rule will result in selection of the project most favored by:
a. no one.
b. the median voter.
c. the average voter.
d. everyone.
b
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Refer to Figure 4-3. What area represents producer surplus at the equilibrium price of P1?
A) D + E B) D + E + G + H C) A + B + C + D + E D) A + B + D
Buy Airline Tickets over the Weekend A recent study by economists Steven Puller and Lisa Taylor found that airline tickets purchased over the weekend were priced 5% lower on average. Why would airlines charge lower prices to customers making bookings on the weekend?
Tax rebates given for making specific investments will cause the: a. aggregate demand curve to shift rightward. b. aggregate demand curve to shift leftward. c. aggregate supply curve to shift leftward
d. aggregate supply curve to shift rightward.
The key to understanding the money creation process is the fact that:
A. since the money supply excludes cash but includes checking account deposits, money is created whenever individuals deposit cash into a checking account. B. whenever banks create financial assets for themselves, they create financial liabilities for individuals, and those financial liabilities are considered money. C. whenever banks create financial liabilities for themselves, they create financial assets for individuals, and those financial assets are considered money. D. banks are able to print dollar bills and add these to circulation whenever they extend loans.