If a pair-wise majority vote was held to determine which school project gets funded and the voters' preferences are in the given table, who will be happiest if the lab and library are voted on first?
A. Ernie
B. Fiona
C. David
D. All people would be equally happy.
C. David
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Suppose a commercial banking system has $240,000 of outstanding checkable deposits and actual reserves of $85,000. If the reserve ratio is 25%, the banking system can expand the supply of money by a maximum of
A. $5,000. B. $25,000. C. $75,000. D. $100,000.
The opportunity cost of economic growth is
A) future consumption that a nation gets if it gives up some present consumption. B) future consumption that a nation gives up to consume more today. C) present consumption that a nation gives up to accumulate capital. D) present investment that a nation gives up to increase its economic growth.
Nonprice competition, price leadership, and cartels are models in the ____ market structure(s)
a. perfectly competitive b. monopolistically competitive c. oligopoly d. monopoly e. perfectly competitive and monopolistically competitive
Getting more output from a given amount of inputs is usually the result of increases in
a. the labor force. b. technology. c. the capital stock. d. investment.