The failure of majority rule to produce transitive preferences for society is called the
Condorcet paradox
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Holding other factors constant, technological progress ________ the real wage and ________ employment.
A. decreases; increases B. increases; decreases C. increases; does not change D. increases; increases
The relationship between money growth rates and inflation between 1982 and 2010 helps explain why, by the 1990s, most economists had
A. adopted the monetarist explanation of inflation. B. adopted a rules-only approach to monetary policy. C. become more convinced of the monetary causes of inflation. D. abandoned monetarism as the primary explanation of inflation.
The Antitrust Division of the Department of Justice carefully scrutinizes mergers. Why?
What will be an ideal response?
Using Figure 1 above, if the aggregate demand curve shifts from AD2 to AD3 the result in the short run would be:
A. P1 and Y2. B. P2 and Y3. C. P3 and Y1. D. P2 and Y2.