Another name for plurality voting is:
A. instant runoff voting.
B. first-past-the-post voting.
C. pair-wise majority voting.
D. approval voting.
B. first-past-the-post voting.
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If the price of a product increases
A. total revenue will definitely decrease. B. total revenue will definitely increase. C. consumer surplus will decrease. D. consumer surplus will increase.
The Federal Reserve district banks
A) do not engage in monetary policy. B) engage in monetary policy directly through discount lending. C) engage in monetary policy directly through open market operations. D) engage in monetary policy directly through their membership on Federal Reserve committees.
Refer to the above payoff matrix for the profits (in $ millions) of two firms (A and B) and two pricing strategies (high and low). Which of the following is the outcome of the dominant strategy without cooperation?
A) Both firm A and firm B choose the high price. B) Both firm A and firm B choose the low price. C) Firm A chooses the low price while firm B chooses the high price. D) Firm A chooses the high price while firm B chooses the low price.
In the year 2015, the United States spent about
A) 17 percent of GDP on health care. B) 100 percent of GDP on health care. C) 6 percent of GDP on health care. D) 2 percent of GDP on health care.