Answer the following statements true (T) or false (F)
1. If choice A wins over choice B in a majority vote, while choice B wins over choice C in a majority vote, then we can conclude that choice A would win over choice C.
2. Political logrolling always produces economically inefficient outcomes.
3. The appeal to government for special benefits at taxpayers' or someone else's expense is the paradox of voting.
4. Even if individual voters have clear preferences, and they stay consistent in their preferences, we could still end up with the paradox of voting.
5. One consequence of the paradox of voting is that whoever sets the agenda of a vote could practically predetermine the results of the vote.
1. FALSE
2. FALSE
3. FALSE
4. TRUE
5. TRUE
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Under rent control, landlords cease to be responsive to tenants' concerns about the quality of the housing because
a. with shortages and waiting lists, they have no incentive to maintain and improve their property. b. they become resigned to the fact that many of their apartments are going to be vacant at any given time. c. with rent control the government guarantees landlords a minimal level of profit. d. with rent control it becomes the government's responsibility to maintain rental housing.
The demand for dollars in the foreign exchange market
A. Is represented by a point in a diagram of foreign exchange supply and demand. B. Depends on U.S. demand for foreign goods and services. C. Is the ratio of the dollars demanded to the amount of foreign currency supplied. D. Depends in part on the foreign demand for U.S. goods.
Which of the following will tend to occur when the interest rate increases?
A. The demand for money curve shifts rightward. B. There is a leftward movement along the demand for money curve. C. The demand for money curve shifts leftward. D. There is a rightward movement along the demand for money curve.
Refer to the diagrams, which pertain to monopolistically competitive firms. Short-run equilibrium entailing economic loss is shown by:
A. diagram a only.
B. diagram b only.
C. diagram c only.
D. both diagrams a and c.