All else equal, anything that increases the transportation costs ________ the number of consumers shopping at ________.
A) increases; larger, less expensive stores
B) increases; local, more expensive stores
C) does not change; local, more expensive stores
D) does not change; larger, less expensive stores
B) increases; local, more expensive stores
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In the short run, if a firm shuts down, its total revenue is
a. $0 b. equal to its fixed costs c. greater than its variable costs d. greater than its fixed costs e. less than its variable costs
As an alternative to pairwise majority voting, each voter could be asked to rank the possible outcomes, giving 1 point to her lowest choice, 2 points to her second-lowest choice, 3 points to her third-lowest choice, and so on. This voting method is called a(n)
a. median vote. b. pairwise minority vote. c. Borda count. d. Arrow count.
According to the classical view, if consumer demand slowed down,
A. Investment and government demand would increase, and the economy would return to its long-term growth trend. B. Wages would increase, and the economy would return to its long-term growth trend. C. Prices would increase, and the economy would return to its long-term growth trend. D. Prices would decrease, and the economy would return to its long-term growth trend.
Which of the following is NOT a true statement about capital controls?
A) Countries are more able to prevent capital inflows than they were in the 1970s. B) Capital controls may reduce world welfare by preventing capital from moving to its most valuable use. C) It is unclear whether it is best to limit capital inflows, capital outflows, or both. D) Restricting the movement of capital cannot stop a crisis once it has begun.