Suppose there were three candidates running for office: Dewey, Cheatum, and Howe. Suppose a majority of voters preferred Cheatum to Dewey. Does this mean that a majority of voters preferred Howe to Dewey?
What will be an ideal response?
Suppose there are three voters. The following example illustrates the counter-example. Each
voter ranks the candidates in order of preference. Cheatum beats Dewey, but Dewey beats
Howe.
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The set of tangencies between isoquants and isocosts is the firm's
a. production function. b. returns to scale. c. output maximization curve. d. expansion path.
If nominal GDP is $2,000 billion and the GDP price index is 120, then real GDP is ________ billion
A) $2,000 B) $1,667 C) $16.67 D) $240 E) $6
If countries have similar factor endowments and productivities, what type of trade are they most likely to have?
What will be an ideal response?
One example of gradualism is taking place in
a. China b. the United Nations c. New Zealand d. Japan e. France