When voting systems fall short of the ideal by violating the principle of transitivity, the ____________ is sometimes crucial in shaping the final outcomes.
A. order in which voters get to cast their votes
B. order in which the votes get tallied
C. power to set the agenda
D. ability to say how much one option is preferred over others
C. power to set the agenda
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Comment on the following statement. "Once general equilibrium is achieved this will result in a long-run equilibrium as well."
What will be an ideal response?
The belief that the U.S price level will rise in the future will tend to cause, other things the same ________
A) no change in the value of the U.S. dollar B) an increase in the value of the U.S. dollar C) no change in the value of the U.S. dollar in the short-run D) a decrease in the value of the U.S. dollar
A firm's _______ contains all combinations of inputs and outputs that the firm can achieve using efficient production methods.
A. production possibilities set B. efficient production frontier C. production function D. production possibilities curve
Which of the following is an example of commodity money?
a. Rare baseball cards b. Euros c. Stocks d. The gold standard