Pair-wise majority voting entails:
A. voting on options that is done in pairs, and the majority vote wins.
B. one vote with many options, and the option with the most votes wins.
C. voters ranking all available options and the option most approved of wins.
D. None of these describes pair-wise majority voting.
A. voting on options that is done in pairs, and the majority vote wins.
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If production involves constant opportunity cost, the production possibilities frontier
A. is “bowed inward.” B. is a straight line. C. is “bowed outward.” D. is a wavy line. E. has an unpredictable shape.
Government water resource specialists have estimated that the Great Lakes currently contain about 200 thousand tons of pesticide pollutants, the amount of new pesticide pollutants that enter the lakes are about 20 thousand tons per year, and the
stock of pesticide pollutants was about 200 thousand tons last year. Based on this information, what is the stock dissipation rate? A) Zero B) 5 percent C) 10 percent D) 20 percent
Collusion always involves firms engaging in a
A) vertical merger. B) horizontal merger. C) cooperative game. D) noncooperative game.
A price ceiling is binding when
a. the government sets price above market equilibrium price. b. the equivalent of an implicit tax on producers and an implicit subsidy to consumers. c. the government sets price below market equilibrium price. d. Both b and c.