If Tom wants to not be hit, what strategy could he follow
a. Threaten to not tell
b. Always not tell
c. Threaten to tell
d. All of the above
c
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In 2000, three candidates appeared on virtually all ballots in the US Presidential election: George W. Bush, Al Gore and Ralph Nadar. Bush arguably won the election by 537 votes in Florida where Ralph Nadar received nearly 100,000 votes. It is often argued that Al Gore would have won the election had Ralph Nadar not been on the ballot in Florida. Discuss how this suggests that the social choice process the US uses to elect Presidents does not satisfy the Independence of Irrelevant Alternatives (IIA) assumption in Arrow's theorem.
What will be an ideal response?
The GDP price index
A) can be interpreted as 100 multiplied by real GDP divided by nominal GDP. B) is the difference between nominal GDP and real GDP. C) measures the average price level. D) can be interpreted as real GDP minus nominal GDP and the resulting difference then multiplied by 100. E) is equal to between real GDP minus nominal GDP.
Which of the following is true of the demand curve faced by a monopolistically competitive firm? a. The demand curve faced by a monopolistically competitive firm is kinked
b. The demand curve faced by a monopolistically competitive firm is downward-sloping. c. The demand curve faced by a monopolistically competitive firm is upward-sloping. d. The demand curve faced by a monopolistically competitive firm is horizontal.
Which of the following are illegal under the antitrust laws of the United States?
a. charging prices that exceed average total costs b. charging some consumers different prices than others c. mergers that unnecessarily create excessively large firms d. collusive behavior or other actions designed to create a monopoly or cartel