The idea that a voting scheme cannot be devised that respects individual preferences and gives consistent, nonarbitrary results is known as
A. the impossibility theorem.
B. Samuelson's theory.
C. the independence of irrelevant alternatives.
D. logrolling.
Answer: A
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The above table shows the total product schedule for Hair Today, a hair styling salon
a) What is the first worker's marginal product? The second worker? The third worker? The fourth worker? The fifth worker? b) Over what range of workers is there increasing marginal returns? Over what range is there decreasing marginal returns?
When the U.S. price level decreases, we would expect a:
A. movement down along the aggregate demand curve. B. shift straight up of the aggregate demand curve. C. shift to the right of the aggregate demand curve. D. movement up along the aggregate supply curve.
Price discrimination allows the firm to
a. segment the market and thereby capture consumer surplus b. create excess demand which will force price upward c. shift the equilibrium price to eliminate price competition among discriminating buyers d. behave like a monopolist e. select a small set from among its customers in order to charge the highest price possible
If a country has a large percentage of its population under 15 years old, then compared with other countries, this creates
a. a problem because they consume more than they produce b. a problem because they cause more capital goods to be produced c. a benefit because they boost demand for consumption goods d. a benefit because they cause more capital goods to be produced e. neither a problem nor a benefit since age is irrelevant