Sam Voter prefers Ronald to Joe, Joe to Gary, and Gary to Ronald. Sam's preferences:
A. are consistent with our assumptions about consumer behavior.
B. are not complete.
C. are not transitive.
D. indicate that he is a liberal.
Answer: C
You might also like to view...
If a monopolist is maximizing profits, then it is producing an amount of output so that
A) MR = ATC. B) MC = AVC. C) MR = TC. D) MR = MC.
If the simple spending multiplier is 10, the marginal propensity to save (MPS) is:
a. 1/10. b. 9/10. c. 1/9 d. 10/9. e. 9.
An effective policy of governmental intervention in the economy requires all of the following except one. Which is the exception?
a. The will to reject sound policy if it gets in the way of political considerations b. The ability to estimate the economy's potential level of output c. The ability to predict what would happen without intervention d. An assortment of effective tools of discretionary policy e. The ability to achieve effective cooperation between fiscal and monetary policy makers
A price floor (set above the equilibrium price) on rice will
A) force otherwise profitable farmers out of business. B) result in a shortage of rice. C) result in a surplus of rice. D) clear the market for rice. E) both a and b