In his 1951 book, Social Choice and Individual Values, Kenneth Arrow used the term "unanimity" to mean
a. A beats B only if everyone prefers A to B.
b. if everyone prefers A to B, then A beats B.
c. if A beats B and B beats C, then A must best C.
d. everyone who is eligible to vote must vote; otherwise, the outcome is invalid.
b
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Suppose the full-employment equilibrium real wage rate is $11 per hour while the actual real wage rate is $12 per hour. If the actual real wage rate does not change, then
A) job rationing will decrease. B) the production function will shift downward. C) job search will decline. D) job rationing will occur. E) a positive Okun Gap will occur.
If a bank receiving a new deposit of $200,000 would be able, as a result, to increase their lending by at most $120,000, then the required reserve ratio equals: a. 4%
b. 25%. c. 40%. d. 50%.
In an open economy net exports must always be positive
a. True b. False Indicate whether the statement is true or false
About what percent of the world's poorest people are female?
a. 30 b. 50 c. 70 d. 90