A community has five voters who are interested in only one issue: the government's spending on local parks. If Andre would like the government to spend $12,000 on parks, Brandon prefers $7,000, Charlene prefers $4,000, Dennis prefers $2,000, and Ernie prefers $0, how much spending would a politician seeking to win the election select when running against one opponent?
a. $2,000
b. $4,000
c. $7,000
d. $12,000
b
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The primary objective of most private firms is to:
A. maximize output. B. maximize revenue. C. maximize profit. D. minimize cost.
Providing a constant number of workers with additional capital with which to work will ________ labor productivity at a(n) ________ rate.
A. increase; increasing B. decrease; decreasing C. increase; decreasing D. increase; constant
Bill currently uses his entire budget to purchase 5 cans of Pepsi and 3 hamburgers per week. The price of Pepsi is $1 per can, the price of a hamburger is $2, Bill's marginal utility from Pepsi is 4, and his marginal utility from hamburgers is 6
Bill could increase his utility by: A) increasing Pepsi consumption and reducing hamburger consumption. B) increasing hamburger consumption and reducing Pepsi consumption. C) maintaining his current consumption choices. D) We do not have enough information to answer this question.
When the price of penicillin tablets increases by $5 per dozen, the drug company’s revenue increases by $6 million. Its elasticity of demand (in absolute terms) must be
A. zero. B. greater than one. C. less than one. D. infinitely large.