Arrow's impossibility theorem proves that
a. no voting system can satisfy several preferable properties at the same time
b. politicians will never be able to satisfy the median voter.
c. politicians will never be able to act fully in the best interests of the public good.
d. no voting system will ever depend on the median voter.
a
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Corruption reduces growth most directly because governments invest in projects with low productivity
a. True b. False Indicate whether the statement is true or false
If the quantity supplied is the same regardless of price, then supply is
a. elastic. b. perfectly elastic. c. perfectly inelastic. d. inelastic.
Wide acceptance of money without intrinsic value comes largely from the fact that it:
A. is convenient to use. B. can be used domestically and internationally. C. has a stable value. D. is hard to counterfeit.
Assume that society places a higher value on the last unit of X produced than the value of the resources used to produce that unit. With no spillovers, this information means that:
A. total cost is greater than total revenue. B. price is greater than marginal cost. C. marginal cost is greater than price. D. resources are being overallocated to X.