A situation in which society may not be able to rank its preferences consistently through paired-choice majority voting refers to:
A. logrolling.
B. the paradox of voting.
C. the median-voter model.
D. the special-interest effect.
Answer: B
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In part, microeconomics is concerned with the study of
A) unemployment and economic growth. B) the Federal Reserve's policies. C) the effect government regulation has on the price of a product. D) national output of goods and services.
Why would an economist argue that tuition is not the largest cost of attending a state university?
What will be an ideal response?
Using graphs to illustrate the concepts, absolute advantage
A. is shown with differences in slope of a production possibilities curve; comparative advantage is shown with a lower curve. B. requires a very steep curve; comparative advantage requires a curve with a shallow slope. C. on one good requires that the slope of the production possibilities curve be steeper for that good. D. is shown with a higher production possibilities curve; comparative advantage is shown with differences in slope of the curves.
If the demand for a product is elastic, then a rise in price will:
a. cause total spending on the good to increase. b. cause total spending on the good to decrease. c. keep total spending the same, but reduce the quantity demanded. d. keep total spending the same, but increase the quantity demanded.