In thinking about the criteria for an ideal voting system, unanimity means if:
A. the median in the group prefers option X to option Y, then X beats Y.
B. the majority of the group prefers option X to option Y, then X beats Y.
C. no one in the group prefers option X to option Y, then it must still be possible for X to beat Y.
D. everyone in the group prefers option X to option Y, then X beats Y.
Answer: D
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The quantity of real GDP supplied increases when the price level increases because
A) the quantity of money increases. B) the real wage rate rises. C) aggregate demand increases. D) investment increases. E) the real wage rate falls.
Use the figure above to answer this question. Consider a perfectly competitive firm in a short run equilibrium. Figure ________ shows a firm in bad times because the firm produces ________ units and makes a(n) ________
A) A; 100; economic loss B) A; 110; economic loss C) B; 90; economic profit D) C; 100; economic loss E) C; 100; normal profit
In the figure above, if no one owns the lake, what is the equilibrium price of the pesticide?
A) $80 per ton B) $40 per ton C) $60 per ton D) $30 per ton
If the economy is in an inflationary period, what type of Fiscal Policy action should be undertaken?
(a) Decrease taxes. (b) Decrease the discount rate. (c) Increase taxes. (d) Increase government spending.