When voting systems fall short of the ideal by violating the principle of transitivity, the ________ is sometimes crucial in shaping the final outcomes.
A. ability to say how much one option is preferred over others
B. order in which the votes get tallied
C. order in which voters get to cast their votes
D. power to set the agenda
Answer: D
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The reason individual homeowners usually do not hire a private contractor to fill the potholes on their street is because:
a. it costs too much. b. the value to the neighborhood exceeds the cost of repair. c. others who use the street will be free riders. d. they do not trust the government. e. there are negative externalities associated with the repair.
?Exhibit 10A-2 Macro AD-AS Model
?In Exhibit 10A- 2, the intersection of AD with SRAS indicates:
A. ?a short-run equilibrium. B. ?a long-run equilibrium. C. ?that the economy needs policies to reduce unemployment. D. ?that the economy is at full employment.
The aggregate demand curve shifts to the left when the Fed:
A. increases its target inflation rate, reflected by a downward shift in the Fed's policy reaction function. B. decreases its target inflation rate, reflected by an upward shift in the Fed's policy reaction function. C. decreases real interest rates in response to inflation, but does not change its target inflation rate or the Fed's policy reaction function. D. increases real interest rates in response to inflation, but does not change its target inflation rate or the Fed's policy reaction function.
What is meant by saying that economics is an empirical science?
A) Economic theories will be tested by seeing how well they correspond to people's declared preferences. B) Economic theories cannot be tested because there is no means of measuring economic variables with adequate precision. C) Economic theories cannot be tested because economic variables change too quickly. D) Economic theories will be tested by seeing how well they correspond to real-world phenomena.