School Board Voters' Ordered PreferencesDavidErnieFionaNew gymNew libraryNew computer labNew libraryNew computer labNew gymNew computer labNew gymNew libraryIf a pair-wise majority vote was held and the voters' preferences are shown in the table, which of the following is true?
A. The outcome of the vote will change, depending on the order of the vote.
B. The preferences of each member is transitive.
C. The collective preferences of the group are not transitive.
D. All of these are true.
Answer: D
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If Jacqueline is willing to accept $1 for a cupcake and Jameson is willing to pay $3 for a cupcake, and they negotiate a price of $2 for a cupcake, the cooperative surplus is
A) $1. B) $2. C) $3. D) $4.
During the 2008-09 recession, the U-6 measure of the unemployment rate
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An implication of the median voter theorem is that, in a race between Republicans and Democrats,
a. if Republicans want to win, they will take a "middle-of-the-road" stance on many issues. b. if Democrats want to win, they will take an extreme stance on many issues. c. Republicans and Democrats go to extremes to differentiate themselves from one another. d. Republicans and Democrats work hard to identify the fringe voters.
Exhibit 14-7 Aggregate supply and demand curves
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In Exhibit 14-7, if aggregate demand increases from AD1 to AD2,
A. output and prices will increase. B. output and prices will decrease. C. output alone will increase. D. prices alone will increase.