Suppose there are 3 possible outcomes to a vote: A, B, and C. If voters prefer A to B, B to C, and C to A, which of the following concepts are violated?
a. Transitivity
b. Arrow's impossibility theorem
c. Median voter theorem
d. None of the above concepts are violated.
a
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If policymakers deem inflation as being too high, then the policy response should be monetary ________, which shifts aggregate demand______.
A. easing; a left B. easing; right C. tightening; left D. tightening; right
Assume that the European Union passes a new trade policy that will only allow trade with South American countries that pass environmental laws that are the same as those of member countries in the EU
The argument that is made is that this will provide a level playing field for the EU in competing with South American nations in international trade. Critically evaluate this argument.
During the second half of the nineteenth century and first half of the twentieth century, per capita incomes on the West Coast of the US were ___ than the national average, and per capita incomes in the South were ___ than the national average
a. lower, higher. b. higher, lower. c. lower, lower. d. higher, higher.
Low rates of inflation are generally associated with
a. low rates of government spending. b. small or nonexistent government budget deficits. c. low rates of productivity growth. d. low rates of growth of the quantity of money.