The instant runoff voting method is also known as a single transferrable vote system
Indicate whether the statement is true or false
TRUE
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If the technology for producing a good enables one firm to meet the entire market demand at a lower average total cost than two or more firms could, then that firm has
A) patented the market. B) a natural monopoly. C) increasing average total costs. D) a legal barrier to entry. E) a discriminatory monopoly.
Refer to the figure above. What is the optimal number of machines rented if the market rental price is $8 per month?
A) 20 machines B) 40 machines C) 160 machines D) 180 machines
According to the theory of rational expectations, the "fooling" of workers in Friedman's model
A) is rational, since sudden unforeseeable changes in aggregate demand can and do occur. B) is rational, since workers are always on their labor supply curve. C) is not rational, since workers should learn to immediately link unexpected wage changes to wrongly-forecast price levels. D) is not rational, since workers are often thrown off of their labor supply curve.
The change in aggregate expenditures resulting from a movement in the domestic price level, which in turn changes the price of domestic goods in relation to foreign goods, is known as the:
a. international trade effect. b. multilateral equilibrium condition. c. international exchange rate effect. d. magnified international pricing effect. e. international deficit effect.