It is possible to come up with a democratic social choice process that satisfies Arrow's axioms as long as we are willing to let go of the No Dictatorship axiom.
Answer the following statement true (T) or false (F)
False
Rationale: It is indeed possible to have a social choice process that satisfies the axioms other than ND -- but that is equivalent to appointing one person dictator and thus by definition has eliminated anything democratic.
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The short-run aggregate supply curve shifts because of changes in all of the following EXCEPT
A) the capital stock. B) technological progress. C) money wage rates. D) the price level.
Explain why people might work less if the wage increases.
What will be an ideal response?
If the opportunity costs of producing a good increase as more of that good is produced, the economy's production possibility frontier will be
A. a negatively sloped straight line. B. negatively sloped and "bowed inward" toward the origin. C. negatively sloped and "bowed outward" from the origin. D. a positively sloped straight line.
If Mexico has a comparative advantage in the production of oil compared to France, then
A. France has an absolute advantage in the production of oil. B. Mexico can produce oil at a lower opportunity cost than France. C. Mexico also has an absolute advantage in the production of oil. D. France cannot produce oil.