An ideal voting system must not have:
A. a person who has the power to single-handedly enact his or her own preferences.
B. a person who can convince everyone to vote for his or her preferences, and not their own.
C. a one-dimensional issue being voted on.
D. transitivity of preferences
A. a person who has the power to single-handedly enact his or her own preferences.
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The price elasticity of supply is usually a positive number because
A) price rises when supply increases. B) quantity supplied increases in response to price increases. C) quantity supplied increases in response to income increases. D) the quantity demanded usually rises when price falls and therefore suppliers would want to capitalize on this increase in demand.
Which of the following dampens the effect on GDP of a change in government spending?
a. The money supply changes when real income changes. b. Taxes change when government spending changes. c. Money demand changes when real income changes. d. People do not expect much from the government. e. Aggregate spending does not respond to changes in the interest rate.
If the demand for a consumer good increases, the demand for resources required to make the good will
a. remain the same, but the quantity demanded will increase. b. decrease if the demand for the consumer good is inelastic, otherwise the demand will increase. c. stay the same, but the quantity demanded will decrease. d. increase.
A bond is
A. A certificate acknowledging a debt and the amount of interest to be paid each year until repayment; an IOU. B. An insurance policy investor's purchase to protect against the possibility of falling stock prices. C. A coupon used to collect a dividend. D. A share in a corporation.