Simple majority voting sometimes leads to projects being undertaken whose costs are greater than the benefits. How is this possible?
A) It is not possible, unless the voting results are rigged.
B) Because voters have no way to express the intensity of their preferences.
C) Because many voters choose to be rationally ignorant.
D) Because free riding is pervasive.
B
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The "invisible hand" refers to
a. the government. b. the free market. c. central planners. d. large businesses.
Credit cards are part of the M2 money supply and are valued at the maximum credit limit of the cardholder.
Answer the following statement true (T) or false (F)
Exhibit 15-1 Production possibilities curves
In Exhibit 15-1, the production possibilities curves of wheat and corn for Nabia and Pada are presented. Suppose Nabia produces at point A on its PPC. How many units of wheat is the country able to produce?
A. 15. B. 60. C. 40. D. 20.
Based on the above information, what is Willy's "expected loss" due to an accident?
Willy Wonka wants to avoid any accidents of the work floor of his chocolate factory. If an accident does occur, it would cost Willy $500,000 in damages. Also, the probability of an accident is 20%. Pr(Accident)=0.2Pr(Accident)=0.2 A. $20,000 B. $50,000 C. $100,000 D. $125,000