Simple majority rule can generate inefficient outcomes because
A) it does not register the intensity of voters' preferences.
B) it cannot adjust for special interest lobbying efforts.
C) it does not adjust for the costs of rational ignorance.
D) people are often misinformed on what it is they are voting on.
E) none of the above
A
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Ration coupons are often associated with price ceilings because they
a. substitute for dollars in the purchase of goods b. restore prices to equilibrium c. compensate for the producers' lost opportunities d. are used to allocate goods under conditions of excess demand e. enable producers to produce beyond equilibrium levels without suffering the consequences of lowering prices
Which of the following best describes full employment?
(a) Less than 5% of the labour force is unemployed; (b) The level of employment in the economy is sustainable; (c) Employment and unemployment are at their "natural" rates; (d) All of the above could describe it.
If Marco's output per hour in 2000 was 200 and his output per hour in 2004 was 220, how much would his productivity be in 2004?
A. 20 B. 200 C. 205 D. 220
If firms have to account for external costs in production, then they will produce an output level that is ________ the efficient level.
A. below B. at C. above D. either above or below