You and two friends are going to the movies and are going to one of three movies: A, B, or C. You prefer movie A to movie B and movie B to movie C. One of your friends prefers movie B to movie C and movie C to movie A. You other friend prefers movie C to movie A and movie A to movie B. The three of you decide to use majority rule voting to decide which movie you will see. If you first have a vote between movies A and B and then between the winner of that vote and movie C, then movie ________ will win. However, if you first vote between movies A and C and then between the winner of that vote and movie B, then movie ________ will win. This is an example of the ________.
A. A; B; majority rule voting
B. C; B; voting paradox
C. A; C; voting paradox
D. B; C; impossibility theorem
Answer: B
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A fair bet is one where
A) the player has a 50/50 chance of winning. B) the player's utility function is convex. C) the expected value is zero. D) the expected value is positive.
Which of the following would be considered an implicit cost?
a. Health insurance of employees paid for by the firm b. The water bill of the firm c. The salaries paid to the managers of the firm d. Foregone rent on assets owned by the firm
A depreciation of one's currency means that
a. the country's exports will become more expensive. b. the country's imports will become more expensive. c. the country's imports will become less expensive. d. it now requires less of this currency in exchange for one unit of another currency. e. it now requires more units of other currencies in exchange for one unit of this currency.
The country of Cedarland does not trade with any other country. Its GDP is $17 billion. Its government purchases $5 billion worth of goods and services each year and collects $6 billion in taxes. Private saving in Cedarland is $5 billion. For Cedarland,
a. investment is $6 billion and consumption is $7 billion. b. investment is $6 billion and consumption is $6 billion. c. investment is $7 billion and consumption is $7 billion. d. investment is $7 billion and consumption is $6 billion.