Sally, Kelly, and Debbie are roommates deciding on how many cats they want in the apartment. Sally prefers three cats to two cats to one cat, Kelly prefers two to one to three, and Debbie prefers one to two to three. If they decide by majority vote (one versus two, two versus three, and so on), how many cats will they get?
a. none
b. one
c. two
d. three
e. the answer cannot be determined from the information given
C
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Based on the graph above, if the economy is at point 2, then (assuming no price shocks and no changes in actual and potential output) the inflation rate next period will be ________ percent
A) 5 B) 3.5 C) 4.5 D) 4 E) none of the above
Special Grapes is a new wine company that wants to locate its vineyard in Sonoma Country, California, an exclusive area of the world for wineries. Which of the following will likely have the largest effect on Special Grapes' input prices?
A) land prices in Sonoma County, California B) compensating wage differentials C) traffic regulations in Sonoma County, California D) the additional wages Special Grapes will have to pay its employees to work in Sonoma County, California
When state and local governments provide public schools with a per-unit subsidy to provide educational services, the price that the schools providing these services receive is
A) less than the price that consumers pay to receive educational services. B) less than the amount of the per-unit subsidy that the schools receive. C) greater than the market clearing price without the subsidy. D) equal to zero.
Since 1933, bank failures have occurred
a. frequently b. very rarely c. once every 3 years d. every year e. once every 5 years