Command economies are able to achieve greater allocative efficiency than market economies.
Answer the following statement true (T) or false (F)
False
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The median voter theorem will be an accurate predicator of the outcomes of elections
A) when a majority of voters have preferences very similar to those of the median voter. B) only when voter turnout is very high. C) when a majority of voters have preferences different from those of the median voter. D) regardless of whether preferences among voters are similar or different from those of the median voter.
Although a monopoly can charge any price it wishes, it chooses:
a. the highest price. b. price equal to marginal cost. c. the price that maximizes profit. d. competitive prices. e. a fair price.
A double coincidence of wants
a. is required when there is no item in an economy that is widely accepted in exchange for goods and services. b. is required in an economy that relies on barter. c. is a hindrance to the allocation of resources when it is required for trade. d. All of the above are correct.
Which of the following theories is not falsifiable or refutable?
A) Everything that has happened to Jane throughout her life happened to her specifically because she was born on June 23, 1993. B) People with blue eyes tend to be more sensitive to light than people with brown eyes. C) Women who are electrical engineers tend to have fewer children than women who are retail cashiers. D) People who watch more than six hours of television per day tend to weigh more than people who watch fewer hours of television daily. E) all of the above