Refer to Figure 13.1. Assume the voting method used to select a location for the recreation center is the Borda-count method, where if a town gets ranked #1, it gets 3 points, a town ranked #2 gets 2 points,
a town ranked #3 gets 1 point, and a town ranked #4 gets no points. With this method, the town that gets the least number of points is
A) Desert Sands.
B) Glacier Cove.
C) Mountain View.
D) Oceanside.
B
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Which of the following economic lessons should we take from developing country crises in Latin America (and elsewhere)?
A) Only that it is important to choose the right exchange rate regime. B) Only that banking is of central importance in any government. C) The order in which reform measures are implemented are irrelevant. D) It is important to choose the right exchange rate regime and banking is of central importance in any government. E) The order in which reform measures are implemented are irrelevant and banking is of central importance in any government.
The speculative demand for holding money is when people hold money:
a. instead of near money. b. to transact purchases they expect to make. c. as insurance against unexpected needs. d. to speculate in the stock market. e. to take advantage of changes in interest rates.
Suppose the quality of televisions changes over time, but the quality change goes unmeasured for the purpose of computing the consumer price index. In which of the following instances would the bias resulting from the unmeasured quality change be most severe?
a. The quality of televisions deteriorates and televisions become more expensive relative to other goods. b. The quality of televisions improves and televisions become less expensive relative to other goods. c. The quality of televisions improves and televisions become more expensive relative to other goods. d. The quality of televisions deteriorates and the price of televisions relative to other prices remains unchanged.
A firm is experiencing diseconomies of scale if:
A) costs decrease as output expands. B) costs increase as output expands. C) costs stay constant as output expands.