No clearly defined socially preferred outcome may result when majority voting on outcomes because
A) often voters don't understand the outcomes.
B) voting may violate the independence of irrelevant alternatives.
C) voting may lead to incomplete preferences.
D) voting may lead to non-transitive preference.
D
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Which of the following is included in the M2 definition of the money supply?
A. Cash and currency B. Checkable deposits C. Money market deposit accounts D. Money market mutual funds E. All of these responses are correct.
The federal government began issuing inflation-indexed Treasury bonds in
A) 1913. B) 1989. C) 1997. D) 2001.
How will an interest rate decrease in the United States affect equilibrium in the foreign exchange market?
A) The equilibrium exchange rate will increase, and the equilibrium quantity of dollars traded cannot be determined. B) The equilibrium exchange rate will decrease, and the equilibrium quantity of dollars traded cannot be determined. C) The equilibrium exchange rate cannot be determined, and the equilibrium quantity of dollars traded will increase. D) The equilibrium exchange rate will increase, and the equilibrium quantity of dollars traded will increase.
If a firm uses only capital and labor as inputs, then what should the firm do at a given rate of production if the marginal product of labor per last dollar spent is higher than the marginal product of capital per last dollar spent?
A. The firm should decrease both the quantity of capital and the quantity of labor. B. The firm should increase both the quantity of capital and the quantity of labor. C. The firm should decrease the quantity of capital and increase the quantity of labor. D. The firm should increase the quantity of capital and reduce the quantity of labor.