Which economist defined the characteristics of an ideal voting system in his book Social Choice and Individual Values?
A. Gary Becker
B. Kenneth Arrow
C. Dean Karlan
D. Jonathan Morduch
B. Kenneth Arrow
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What is a production function? Write an equation for a typical production function, and explain what each of the terms represents
The American Bar Association administers the bar examinations that prospective lawyers must pass before being allowed to practice law. The legal requirement to pass this test before practicing law allows the Bar Association to act as a
A. monopsony. B. union that can restrict the supply of lawyers. C. union that can increase the number of lawyers. D. bilateral monopoly.
Figure 17-6
The domestic country is China.
Refer to . With no international trade,
a.
the equilibrium price is $12 and the equilibrium quantity is 300.
b.
the equilibrium price is $16 and the equilibrium quantity is 200.
c.
the equilibrium price is $16 and the equilibrium quantity is 300.
d.
the equilibrium price is $16 and the equilibrium quantity is 450.
An important role of central banks during a financial crisis is:
A. eliminating bank reserves. B. passing new bank regulations. C. acting as the lender of last resort. D. closing banks.