Which of the following is an example of the impossibility theorem?
A. social choice
B. free rider problem
C. logrolling
D. voting paradox
Answer: D
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According to the BEA, in the second quarter of 2012 personal consumption expenditures grew by 1.7 percent, gross private domestic investment grew by 3.0 percent,
government expenditure on goods and services decreased by -0.9 percent, imports grew by 2.9%, and exports grew by 6.0%. Given these data, it is most likely that A) GDP growth was positive in the 2nd quarter. B) GDP growth was negative in the 2nd quarter. C) the economy hit a business cycle peak. D) the economy hit a business cycle trough.
Levying a tariff on an imported good
A) shifts the demand curve down for the good. B) shifts the supply curve up for the good. C) Both A and B. D) Not enough information to determine.
The formula ?q/?L represents
A. the marginal product of labor. B. the average product of labor. C. total product. D. the capital-to-labor ratio.
Which of the following examples is NOT a negative stock externality?
A) Goodwill generated by a company B) Noise pollution from an airport C) Odors emitted from a paper mill D) None of these cases are examples of negative stock externalities