Arrow's impossibility theorem tells us:
A. most voting systems meet the criteria for an ideal system, yet politicians cannot seem to change the way in which elections are held.
B. no voting system can aggregate the preferences of voters of three or more options while meeting all of the criteria for an ideal system.
C. political pressures will always corrupt a voting system, making none ideal.
D. no voting system can ever attain all four criteria for an ideal voting system.
B. no voting system can aggregate the preferences of voters of three or more options while meeting all of the criteria for an ideal system.
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Which of the following is the best example of a "What?" question?
A) Should automobiles be produced using workers or robots? B) Should higher-income or lower-income people buy SUVs? C) Should we make faster microprocessors or pest-resistant corn? D) Should migrant workers or domestic workers be used to pick grapes? E) What should doctors be paid?
In the figure above, assume that output is $10.5 trillion, while potential output is $12 trillion. If there is no policy intervention, we should expect ________
A) rightward shifts of IS & AD, so that both output and inflation rise B) a decrease in inflation to shift the MP curve, raising the real interest rate C) declines in both the inflation rate and the real interest rate as output rises D) a decrease in inflation to shift the AD curve, causing output to rise E) none of the above
In a monopoly market structure, the firm (the monopolist) always
A) is the whole industry. B) produces too much. C) sells faulty products. D) earns economic profit.
When two goods have positive cross elasticities of demand and positive income elasticities, they are: a. Normal and substitutes
b. Normal and complements. c. Inferior and substitutes. d. Inferior and complements.