In a simple majority vote on a public project,
A) the project will never be undertaken if the costs exceed the benefits.
B) the project may be undertaken even though the total costs exceed the total benefits.
C) the intensity of individual preferences is taken into account.
D) the project will always be undertaken if the total benefits exceed the total costs.
B
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During the late 1960s, U.S. defense spending increased as the United States fought in Vietnam. This increase in government expenditure on goods and services most likely created
A) an inflationary ga
The above figure shows the payoff to two airlines, A and B, of serving a particular route. If the two airlines must decide simultaneously, how many pure Nash equilibria are there?
A) 0 B) 1 C) 2 D) It cannot be determined.
What accounts for specialization?
a. People specialize in the activity in which their opportunity costs are at a maximum. b. People specialize in the activity in which their opportunity costs are lowest. c. People do not specialize in any activity. d. People specialize in the activity that pays the highest wage. e. People specialize in the activity that they enjoy the most, no matter what the salary is.
The value of the accumulated assets of an individual is called
a. the Lorenz coefficient b. the Gini coefficient c. income d. wealth e. quintiles