The Condorcet paradox can arise with:
A. first-past-the-post voting.
B. approval voting.
C. run-off elections.
D. pair-wise majority voting.
D. pair-wise majority voting.
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In the summer of 2008, the price of gasoline increased greatly. If the demand curve for gasoline did not shift, which of the following occurred?
A) Drivers received no consumer surplus after the price increase. B) Consumer surplus increased if drivers drove less. C) Consumer surplus decreased. D) If consumers drove the same amount, they received less total benefit. E) Both the marginal benefit from each gallon of gasoline and the consumer surplus from each gallon of gasoline decreased.
Most movie theatres charge different prices to different groups of customers for movie admission but not on movie popcorn. Which of the following is a reason for this?
A) because the markup on movie popcorn is very high and movie theatres do not want to forgo this source of revenue B) because it is easier to limit resale in movie admissions but not in popcorn C) because the cost of operating a concession stand in a movie theatre is very high compared to the cost of showing a movie D) because the demand for popcorn is very high relative to the demand for movie admissions
If income falls without any change in interest rates, then according to the IS-LM model it may be true that:
a. money demand fell and government spending declined. b. the money supply increased and taxes declined. c. tight monetary policy and easy fiscal policy. d. easy monetary policy and easy fiscal policy.