Suppose there are 3 possible outcomes to a vote: A, B, and C. If voters prefer A to B, C to B, and A to C, which of the following concepts are violated?
a. Transitivity
b. Median Voter Theorem
c. Arrow's Impossibility Theorem
d. None of the above concepts are violated
d
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Which of the following is not a benefit of the unitary form (Uform) of an organization?
A. Opportunity costs of the time of senior management B. Improved coordination among functional specialists C. Higher level of functional expertise D. Well-defined promotion path
A rise in the expected price level leads to an expectation that real wages will ____________, which will cause people to work __________, shifting the SRAS curve _______________
A) rise; more; rightward B) rise; less; leftward C) fall; more; rightward D) fall; less; leftward
Public education is priced below market price largely as a result of
A) government subsidy programs. B) under-funded public education. C) rising test scores by students. D) taxpayers who contribute little to the funding of public education.
When comparing the annual inflation rate in the United States based on the CPI with the annual inflation rate based on the PCE price index, the data show that the two inflation rates
A) move in opposite directions. B) remained constant over the forty year period after 1979. C) steadily increased over the forty year period after 1979. D) move up and down in similar but not identical ways. E) both fluctuate, but the fluctuations have little relationship to each other.