If a pair-wise majority vote was held and the voters' preferences are shown in the table, assuming transportation and the zoo was the first pair to be voted on, which option would win overall?
A. Public transportation
B. Public parks
C. Public zoo
D. Public parks and zoo.
B. Public parks
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In order to make an optimal choice we must use
a. percentage analysis. b. total analysis. c. average analysis. d. marginal analysis.
Keynesian economists argue that during a recession
a. private sector spending will rise and therefore government spending should be reduced in order to help maintain aggregate demand at or near the full employment level. b. private sector spending will decline, and therefore government spending should increase in order to help maintain a high level of aggregate demand. c. private sector spending will decline, and therefore government spending should be reduced in order to avoid the crowding out of still more private sector spending. d. private sector spending will rise and therefore government spending should be increased in order to provide more stimulus for the economy.
The real seignorage collected by the government in an all-currency economy is the product of
A. the debt-GDP ratio and the real money supply. B. the debt-GDP ratio and the rate of inflation. C. the rate of inflation and the real supply of government bonds. D. the rate of inflation and the real money supply.
If a firm is hiring inputs under purely competitive conditions, then any level of output will be produced with the least-cost combination of resources A and B when:
A. MU of A/price of A = MU of B/price of B B. MRP of A = MRP of B C. The price of A equals the price of B D. MP of A/price of A = MP of B/price of B