Refer to Table 18-2. The table above lists three policy alternatives that the U.S. Senate will vote on, along with the ranking of these alternates
The Senate must decide which of these alternatives should receive an additional $1 billion of funding, and there is enough money in the federal budget for only one of these alternatives. If a series of votes is taken in which each pair of alternatives is considered (homeland security and education; homeland security and medical research; education and medical research) which of the following will result from these votes?
A) The results will illustrate the voting paradox.
B) When the vote is between homeland security and education, the Senators will vote for education to receive funding.
C) The results from the voting will illustrate the median voter theorem.
D) The Senators' votes will demonstrate transitivity.
A
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What would happen if three more restaurants opened in a small town where only four restaurants were open for business originally?
A. People would pay higher prices to eat out. B. The town would raise significantly more taxes. C. The restaurants would become more like a competitive market. D. The restaurants would form a cartel in the town.
The economy has been compared to a supertanker on the ocean to make the point that
A) the larger the economy, the less it is influenced by other economies (the weather). B) it takes time for a policy change to overcome the economy's momentum and change its direction (as in steering an immense ship). C) a random shock affects all parts of the economy in the same way (as all of a ship rises or falls together with the waves). D) the larger the economy, the worse it is for the rest of the world when it goes into a recession (there is enough oil in a supertanker for a spill to stretch across the ocean).
The shorter the period of time being considered, the less rapidly will diminishing marginal utility set in
a. True b. False Indicate whether the statement is true or false
If an economy is operating __________ its institutional production possibilities frontier, it is producing __________ output than it would be at full employment
A) below; less B) below; more C) above; less D) above; more E) a and d