When each individual has consistent preferences, but those of the community are not consistent, it is known as
A. agenda manipulation.
B. majority rule.
C. voting paradox.
D. logrolling.
C. voting paradox.
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Refer to Figure 15-7. Suppose the Fed lowers its target for the federal funds rate. Using the static AD-AS model in the figure above, this situation would be depicted as a movement from
A) B to A. B) A to B. C) C to D. D) E to A. E) C to B.
When comparing the price of a tablet with the price of a laptop, Amanda discovered the tablet was more expensive. This is an example of using money as
A) a store of value. B) a medium of exchange. C) a unit of accounting. D) a standard of deferred payment.
Think of the firms and industries that are familiar to you—how many firms in the industry, what their cost structures may look like—and decide which among them is least likely to be a natural monopoly
a. a professional football franchise in Toledo, Ohio b. a pharmaceutical firm that produces a life-saving drug after 10 years of research investment c. a public utilities firm, such as an electric power company d. a high school in a small rural Kentucky town e. an alternative rock band
In a free market economy, the decisions of buyers and sellers are:
A. coordinated by the government. B. guided by prices. C. motivated by custom and tradition. D. random.