Voters who do not have single-peaked preferences _____
a. prefer outcomes closer to their most preferred outcome to outcomes further away
b. do not necessarily prefer outcomes closer to their most preferred outcome to outcomes farther away
c. prefer all outcomes the same
d. are unable to weigh one outcome against another outcome, regardless of where the outcome is along a one-dimensional continuum
b
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The inflation experienced in the United States during the 1970s as a result of OPEC oil price increases is an example of: a. demand-pull inflation. b. hyperinflation
c. cost-push inflation. d. cyclical inflation. e. disinflation.
If companies who took into account an externality want to supply more at any given price compared to the original supply, they must have addressed a:
A. positive externality. B. negative externality. C. network externality. D. social externality.
The primary reason why the oversimplified formula overstates the multiplier is that it ignores price-level changes, which reduce the multiplier
a. True b. False Indicate whether the statement is true or false
If the long-run aggregate supply curve is vertical,
A) the trade-off between unemployment and inflation cannot be permanent. B) the short-run Phillips curve must be vertical. C) the economy stays at the natural rate of inflation in the long run. D) unemployment and inflation are positively related in the long run.