Pair-wise majority voting fails to meet which of the following criteria?
A. No dictator and transitivity
B. No dictator and independence of irrelevant alternatives
C. Transitivity
D. Independence of irrelevant alternatives and transitivity
Answer: C
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Pizza is a normal good. In the above figure, the shift in the demand curve from D to D2 can be the result of
A) a decrease in the price of soda, a complement to pizza. B) an increase in the price of hamburgers, a substitute for pizza. C) a decrease in income. D) a study that shows that pizza is a very healthy food. E) an increase in the cost of producing pizza.
Golf course developers who buy the land around the golf course they build are attempting to: a. impose external costs on non-consenting third parties. b. internalize external benefits
c. turn a private good into a public good. d. internalize external costs.
If a country has a comparative advantage in the production of all goods, it should
a. specialize in the production of goods with the lowest opportunity cost b. specialize in the production of goods with the highest opportunity cost c. specialize in the production of goods with the absolute advantage d. specialize in the production of goods without the absolute advantage e. not specialize at all and produce all the goods itself
The Fed acts as a lender of last resort for the banking system.
Answer the following statement true (T) or false (F)