Majority rule will produce the outcome most preferred by the median voter, as demonstrated by the
a. Arrow impossibility theorem.
b. Condorcet paradox.
c. pairwise voting proposition.
d. median voter theorem.
d
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What will be an ideal response?
Briefly compare the structural unemployment that arises from minimum-wage laws to the frictional unemployment that arises from the process of job search
Suppose that at a firm's profit-maximizing level of output, its total revenue is $1,250, the total cost of its variable factors of production is $1,000, and its total fixed cost is $500. This firm will ________ in the short run, and will ________ in the long run.
A. shut down; reopen for business B. earn a loss; earn a profit C. not shut down; exit the industry D. earn a profit; earn a loss
To obtain a given real rate of return, lenders must charge a ________ nominal interest rate in the face of increasing inflation.
A. higher B. constant C. lower D. deflated