In thinking about the criteria for an ideal voting system, unanimity means if:
A. the median in the group prefers option X to option Y, then X beats Y.
B. the majority of the group prefers option X to option Y, then X beats Y.
C. everyone in the group prefers option X to option Y, then X beats Y.
D. no one in the group prefers option X to option Y, then it must still be possible for X to beat Y.
C. everyone in the group prefers option X to option Y, then X beats Y.
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If a price increase from $20 to $40 causes quantity demanded to decrease from 100 units to 50 units, one can conclude that demand for the product is _____
a. inelastic b. elastic c. perfectly inelastic d. perfectly elastic e. unit-elastic
If a perfect competitor is losing money it must be in the _________.
A. versatility and flexibility. B. rationality. C. pleasure or satisfaction. D. purposefulness
A. versatility and flexibility. B. rationality. C. pleasure or satisfaction. D. purposefulness.
If nominal GDP is $600 billion and, on the average, each dollar is spent three times per year, then the amount of money demanded for transactions purposes will be:
A. $1,800 billion. B. $600 billion. C. $200 billion. D. $1,200 billion.