Arrow's impossibility theorem shows that it is impossible to find a better voting system than pairwise majority voting
a. True
b. False
Indicate whether the statement is true or false
False
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Which of the following could best be categorized as a public good?
A) an apartment in a public housing project B) a pumpkin pie C) public fireworks D) a race track
Which of the following observations is not true?
A. Demand curve of the perfectly competitive firm is perfectly elastic. B. There is only one price for a product in a perfectly competitive market. C. A firm in a perfectly competitive market can sell as much as it wants at market price. D. Demand curve of the perfectly competitive industry is perfectly elastic.
The number of hours that a worker is willing to work is determined by the trade-off between the increasing
A. Total utility of leisure and the decreasing total utility of income. B. Value of leisure time and the decreasing marginal utility of income. C. Marginal utility of both income and leisure. D. Total utility of income and the decreasing marginal utility of leisure.
Which of the following would appear on the liability side of a commercial bank balance sheet?
A. reserves B. checkable deposits C. loans D. securities