The Arrow impossibility theorem suggests
A) democracies are doomed to fail in the long run.
B) dictatorships are impossible in the long run.
C) there is no universally applicable decision rule in a majority-rule democracy.
D) there is no way to make democracy better than a dictatorship.
C
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Suppose that the price of flour used to produce bagels increases. Hence the equilibrium price of a bagel ________ and the equilibrium quantity ________
A) rises; increases B) does not change; does not change C) falls; increases D) rises; decreases E) falls; decreases
In the term "real GDP," what does "GDP" stand for and what does it measure? What does "real" indicate?
What will be an ideal response?
Keeping landing fees low at airports during the “peak” hours
A. perpetuates congestion during those hours. B. is politically unpopular. C. contributes to efficient allocation of airport facilities. D. would lessen the problem of delayed flight landings.
Stock prices change when
A) expectations are based on past performance B) expectations change. C) accounting profits are zero. D) none of these choices.