A social welfare function (SWF)
A) depicts the preferences of the president of the country.
B) combines various consumers' utilities to provide a collective ranking of allocations.
C) indicates the choices that are acceptable by most consumers.
D) is the outcome of a majority voting decision rule.
B
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An open market purchase immediately impacts the banking system balance sheet by
a. increasing required reserves. b. increasing deposits. c. increasing the money multiplier. d. increasing excess reserves. e. none of the above.
Economists calculate average variable cost by ______ over a set period of time.
a. dividing marginal cost by output b. dividing variable cost by output c. multiplying variable cost by output d. subtracting variable cost from total cost
A competitive market is characterized by the Question 17 options:
A. presence of at least one broker or auctioneer, so that price fixing is possible. B. existence of many buyers and sellers, so that no one can influence the price. C. existence of a physical location where buyers and sellers meet. D. presence of many different goods, so that there is never a shortage of goods to buy.
Quantity of Frozen Latte-On-A-Stick SuppliedPriceFlo's SupplyRita's Supply10020334649951512
Refer to Table 4.1, which shows Flo's and Rita's individual supply schedules for frozen latte-on-a-stick. Assuming Flo and Rita are the only suppliers in the market, if the market quantity supplied is 3, the price must be:
A. $0. B. $2. C. $4. D. $5.