Economist Kenneth Arrow wrote a famous book in 1951 in which he took up the question,
a. Is there a perfect voting system?
b. Are preferences transitive?
c. Is a dictatorship a good form of government?
d. Does Democracy work?
a
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If demand curve D2 represents a monopolistic competitor, then its demand would be __________ elastic than D1 but __________ elastic than D3.
A. less; more
B. more; less
C. less; less
D. more; more
Which of the following groups has the highest poverty rate?
A. Age 65 or over. B. Foreign-born (not citizens). C. Hispanics. D. Female-headed households.
Because of the shortcomings of concentration ratios, some economists prefer another measure of competition called
A) the Herfindahl-Hirschman Index. B) the Economic Profit Index. C) the Competition Index. D) the Marginal Revenue-Marginal Cost Index.
Suppose the only leakages are savings and taxes. The tax rate is 0.2 and the multiplier is 1.92. These values imply that the marginal propensity to consume is
A) 0.32. B) 0.60. C) 0.68. D) 0.8.