The unanimity property states that the ranking between any two outcomes should not depend on whether some third outcome is available
a. True
b. False
Indicate whether the statement is true or false
False
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Which of the following statements regarding the cheap foreign labor argument is correct?
a. If there is an abrupt change in foreign competition that severely penalizes American workers, the U.S. government should immediately adopt protectionist measures. b. In the long run, labor will be cheap (wages are low) in those nations where labor is most productive. c. If workers in other countries are willing to supply their products with little compensation, this must ultimately raise the standard of living of the average American worker. d. American workers can never suffer from foreign competition since our monetary and fiscal policies always produce high employment at home.
A decrease in the size of a tax is most likely to increase tax revenue in a market with
a. elastic demand and elastic supply. b. elastic demand and inelastic supply. c. inelastic demand and elastic supply. d. inelastic demand and inelastic supply.
Danica is running for office. A survey showed that most voters in her district describe themselves as conservative but not extremely conservative. Her opponent is running as a moderate. How should Danica position herself to get the most votes and win the election?
a. as a liberal b. as a moderate c. as slightly more conservative than her opponent d. as slightly more liberal than her opponent
Which of the following institutions do economists see as necessary for economic growth?
A. private property rights B. efficient taxes C. stable money and prices D. representative democracy