The Condorcet voting paradox demonstrates that democratic outcomes do not always obey the property of
a. narrowness of preferences.
b. concavity of preferences.
c. asymmetry of preferences.
d. transitivity of preferences.
d
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The takeover process does not use up capital; it merely redistributes it
a. True b. False Indicate whether the statement is true or false
An economic boom that creates an inflationary gap is usually followed later by
a. falling prices. b. a period of stagflation. c. an increase of potential GDP. d. an increase in aggregate supply.
Most college professors are granted tenure after six years of employment. Tenure implies a lifetime appointment. What problem does this situation create, and how can colleges minimize the problem?
What will be an ideal response?
Suppose there is a temporary supply shock because of a war in the Middle East, then, ceteris paribus, the ensuing cost push shock ________
A) would lead to a temporary increase in prices but a permanent reduction in output B) would lead to a temporary increase in output but a permanent increase in inflation C) would lead to a temporary decrease in output but a permanent increase in inflation D) all of the above E) none of the above