Which of the following is a consequence of the voting paradox?
A) The collective preferences of voters are not transitive and voting outcomes are inconsistent.
B) Individuals and firms who benefit from government actions engage in rent seeking.
C) A majority of voters elect a candidate that does not represent the preferences of the voter who is in the political middle.
D) Politicians support small groups of individuals and firms that benefit from special interest legislation, rather than a much larger group of voters who pay the cost for this legislation.
A
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How does correlation differ from causation? Give an example of each to illustrate your answer.
What will be an ideal response?
A leftward shift of the money supply ________
A) may come about from an increase in the quantity of money supplied by the Federal Reserve B) may come about from an increase in the price level C) leads to a decrease in interest rates ceteris paribus D) all of the above E) none of the above
Even if demand for a resource grows over time, ever-rising prices of the resource that result from its growing scarcity still discourage consumption
a. True b. False Indicate whether the statement is true or false
Based on price setting behavior, we know that an increase in the unemployment rate will cause
A) no change in the real wage. B) a reduction in the real wage. C) an increase in the real wage. D) an upward shift of the PS curve.