Suppose the voters in a small country are choosing between two options, A and B. After the voting is complete it is discovered that option A received 100% of the votes with option B receiving no votes. After the vote, however, the country's leader decides that option B is better for the people and implements B rather than A. The voting system in this country fails which of Arrow's properties of a
desirable voting system?
a. unanimity
b. transitivity
c. independence of irrelevant alternatives
d. No dictators
d
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Given the annual rate of economic growth, the "rule of 72" allows one to
A. determine the growth rate of per capita GDP. B. calculate the size of the GDP gap. C. determine the accompanying rate of inflation. D. calculate the number of years required for real GDP to double.
If a commodity is inexpensive and its total utility is great,
A. it is an inferior good. B. it is plentiful. C. its marginal utility is high. D. the ratio of price to marginal utility is very high.
Suppose that a worker in Country A can make either 10 iPods or 5 tablets each year. Country A has 100 workers. Suppose a worker in Country B can make either 2 iPods or 10 tablets each year. Country B has 200 workers. A bundle of goods that Country B could not make would be:
A. (400 iPods, 250 tablets). B. (300 iPods, 500 tablets). C. (200 iPods, 750 tablets). D. (100 iPods, 1,000 tablets).
The labor demand curve slopes
a. upward to illustrate that the more productive the worker, the higher the real wage the employer is willing to pay that worker b. upward to illustrate that the higher the wage rate, the fewer workers are demanded c. upward or downward in direct proportion to the rate of inflation d. downward to illustrate that the lower the real wage, the more workers employers are willing to hire e. downward to illustrate that the availability of workers is directly proportional to the real wage