Refer to Figure 3.2. If Wilma plays North and Betty plays West, what is Wilma's payout?
A) 10
B) 15
C) 21
D) 24
B
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The idea that there is no voting system that can consistently make a fair choice among three or more candidates is a conclusion of
A) Arrow's impossibility theorem. B) the Condorcet paradox. C) the Voting Rights Act of 1965. D) the median voter theorem.
What is the key feature shared by all oligopoly markets?
a. A large number of sellers. b. Mutual interdependence. c. Product differentiation. d. Easy entry and exit.
Why are graphs such an important tool in economics?
In Book 23 of Homer's Iliad are these words: "The winner was to acquire a fire-straddling tripod valued at twelve oxen by the Akhaians. As for the loser, in their midst Akhilleus placed a woman versatile at crafts, whose value was four oxen." What does this passage tell us about economics in the Iliad?
A. Oxen were used as the medium of exchange. B. Oxen were used as the unit of account. C. Oxen were the best way to store wealth. D. Oxen were used as legal tender.