In American politics, we often observe that during a campaign, the Democratic and Republican positions on many issues are similar, which illustrates
a. Arrow's impossibility theorem.
b. the Condorcet paradox.
c. a Borda count.
d. the median voter theorem.
d
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Equilibrium is reached where there is no inherent force causing quantity supplied or quantity demanded to change.
Answer the following statement true (T) or false (F)
According to Okun's Law, if the annual growth rate of real GDP is 2.5%, the unemployment rate is likely to ________
A) increase by 0.25% B) decrease by 1% C) increase by 2.5% D) decrease by 0.5%
Salmon fishing in Alaska is a seasonal business; May through September is the best time to bait salmon and halibut. Toland Fisheries, a small commercial fishery, recorded its highest ever catch last year
They started this year's fishing season with the same number of workers and equipment. With the new season also starting well, Toland has increased hiring substantially. However, the fishery did not make any additional investment in trawlers and other fishing equipment. Other things remaining unchanged, what is likely to happen to the marginal product of each new worker in the short run? a. Other things remaining unchanged, what is likely to happen to the marginal product of each new worker in the short run? b. Is the outcome likely to be different in the long run? Explain your answer.
The opportunity cost of going to college full time away from home includes
A) the income you could have earned from a full-time job. B) the funds you would have saved if you had not paid the tuition. C) the time you could have spent with friends back home. D) All of the above are correct.