The Condorcet paradox shows that there is no scheme for aggregating individual preferences into a valid set of social preferences
a. True
b. False
Indicate whether the statement is true or false
False
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U.S. exports of services were equal to about ____________ of U.S. exports of goods in 2014, compared to ________ in 1980.
a. one-half; one-fourth B. one-half; one-third c. one-half; one-fifth d. one-half; one-eighth
The behaviorist economists believe that economic behavior is guided by _________ and _________.
Fill in the blank(s) with the appropriate word(s).
The Department of Justice could use the cross-price elasticity between products sold at Staples and Office Max to show that the firms are very similar.
Answer the following statement true (T) or false (F)
Ted quits his $60,000-a-year job to be a stay-at-home dad. What is the opportunity cost of his decision?
A) zero, since he will no longer be earning a salary B) depends on the "going rate" for stay-at-home dads C) at least $60,000 D) the value he attributes to the joy of parenting