Suppose in a democratic society, all voters prefer choice G over choice B; however, when the two choices are presented along with a third choice, R, B wins the election. This violates the assumption of
A) transitivity.
B) non-dictatorship.
C) independence of irrelevant alternatives.
D) completeness.
C
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The income elasticity of demand is the percentage change in the ________ divided by the percentage change in ________
A) quantity demanded; the price of a substitute or complement B) quantity supplied; price C) quantity demanded; price D) quantity demanded; income E) quantity demanded when income changes; the quantity supplied
What is the maximum amount a bank can lend?
A) its total reserves B) its excess reserves C) its excess reserves divided by the required reserve ratio D) the value of its checkable deposits times the required reserve ratio
Which of the following would likely cause an increase in the supply of single-serve coffee makers?
A) a decrease in the number of consumers demanding single-serve coffee makers B) an increase in the price of single-serve coffee makers C) a decrease in the cost of manufacturing single-serve coffee makers D) a widespread expectation that the price of single-serve coffee makers will rise in the future
The owner of a sole proprietorship has limited liability, while stockholders of corporations have unlimited liability
a. True b. False Indicate whether the statement is true or false