Suppose that there are 175 voters in an election and that 80 of them prefer a $100 budget while the remainder prefer a $150 budget. Which of the following statements is true?
a. The Condorcet Paradox predicts that the $100 budget will win even though fewer people prefer that budget.
b. The median voter theorem predicts that the winning budget will be $125, the median of the preferences of the two types of voters.
c. Arrow's impossibility theorem says that the winning budget cannot be determined in this election since there is no unanimity.
d. None of the above.
d
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Which one of the following was a basic economic conflict between the North and the South in the years preceding the Civil War?
A. The North opposed the high protective tariffs the South supported to protect its manufactured goods. B. The South opposed the high protective tariffs the North supported to protect its manufactured goods. C. The North demanded the abolition of slavery. D. The North opposed the building of a transcontinental railroad.
Tariffs lead to
A. the expansion of relatively efficient industries. B. an under allocation of resources to relatively efficient industries. C. an increase in the foreign demand for domestically produced goods. D. an under allocation of resources to relatively inefficient industries.
The capital account balance equals foreign purchases of U.S. assets minus U.S. purchases of foreign assets.
Answer the following statement true (T) or false (F)
Inferior goods are characterized by _____ demand as a result of increased income.
A. significantly higher B. slightly higher C. no change in D. lower