In a vote between options A, B, and C, option C wins. When option B is eliminated and a vote is taken between option A and option C, option A wins. The voting system used fails to satisfy which of Arrow's properties of a desirable voting system?
a. unanimity
b. transitivity
c. independence of irrelevant alternatives
d. No dictators
c
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The following is a total-product schedule for a resource. Assume that the quantities of other resources the firm employs remain constant.Units of ResourceTotal Product124242460680792If the product the firm produces sells for a constant $3 per unit, the marginal revenue product of the sixth unit of the resource is
A. $30. B. $10. C. $60. D. $20.
The money multiplier:
A. Is equal to the required reserve ratio times transactions deposits. B. Gets larger as the required reserve ratio increases. C. Is the reciprocal of the required reserve ratio. D. Represents the lending capacity of an individual bank.
Which of the following explains why Keynesian economics lost influence in the 1970s?
A. A change in the how the Federal Reserve was constructed B. The damaging effects of inflation C. A crash in the stock market D. An increase in the marginal tax rate
Based on the graph for saving incentives, a tax law change encouraging saving would shift the ______.
a. loanable funds supply curve to the left
b. loanable funds supply curve to the right
c. loanable funds demand curve to the left
d. loanable funds demand curve to the right