If a pair-wise majority vote was held and the voters' preferences are shown in the table, assuming public parks and transportation was the first pair to be voted on, which voter will be happiest with the outcome?
A. Abby
B. Carlo
C. Bob
D. Bob and Carlo will be equally happy.
C. Bob
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Which of the following statements is true?
A) Both efficiency wages and minimum wages increase unemployment. B) Efficiency wages increase unemployment while minimum wages help reduce unemployment. C) Both efficiency wages and minimum wages help reduce unemployment. D) Efficiency wages help reduce unemployment while minimum wages increase unemployment.
A patent is an exclusive right to produce and sell a product for how long?
(A) 30 years (B) 40 years (C) 15 years (D) 20 years
Assume that when a lamp manufacturer decreases its price its total revenue does not change. What do we know?
A. Demand is price inelastic. B. Demand is price elastic. C. Demand is unit elastic. D. Demand is perfectly price elastic.
As more producers with differing marginal rates of transformation are added, the joint production possibility curve becomes
A) steeper. B) flatter. C) more convex to the origin. D) smoother.