Pair-wise majority voting entails:
A. voting on options that is done in pairs, and the majority vote wins.
B. voters ranking all available options and the option most approved of wins.
C. one vote with many options, and the option with the most votes wins.
D. None of these describes pair-wise majority voting.
Answer: A
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Based on the figure below. Starting from long-run equilibrium at point C, an increase in government spending that increases aggregate demand from AD to AD1 will lead to a short-run equilibrium at point ________ creating _____gap. 
A. D; an expansionary B. B; no output C. B; expansionary D. A; a recessionary
Jimbo has a comparative advantage over Ned in producing a good if
A) Jimbo can produce more of the good than Ned can in a given time period. B) Jimbo has a higher opportunity cost of producing the good than does Ned. C) Jimbo has a lower opportunity cost of producing the good than does Ned. D) Jimbo has to trade off more than Ned does to produce the good.
According to a study of the price elasticities of products sold in supermarkets, the price elasticity of demand for toothpaste is estimated at -0.45. Which of the following could explain why the price elasticity of demand for toothpaste is so low?
A) Toothpaste is heavily endorsed by dentists. B) Toothpaste is relatively inexpensive. C) There are few close substitutes for toothpaste. D) The toothpaste industry is highly competitive.
Frictional unemployment occurs when: a. there is friction between an employer and employee
b. a worker decides to quit to seek a different job. c. a large corporation transfers a worker to another city. d. college students go back to school at the end of the summer.