Suppose everyone in a town votes that they prefer improved public transportation systems instead of public parks, then according to the criteria of ________, that preference should not change even if a third option, like a public zoo, is included.
A. Transitivity
B. Unanimity
C. Independence of irrelevant alternatives
D. No dictator
Answer: C
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Consider two economies with the same GDP per capita: Barylia and Lithasia. The savings rate in Barylia is 20% while the savings rate in Lithasia is 60%
a. Which of these two countries is likely to accumulate capital faster? b. The government in Barylia decides to provide incentive to its citizens to increase the savings rate further to 80% as a means to improve standards of living. Will the increase in savings and thus investment and output translate into improvements in the standard of living?
Who serves as voting members of the Federal Open Market Committee (FOMC)?
What will be an ideal response?
Identify the correct statement. a. A budget deficit is a flow variable, while debt is a stock variable. b. A budget deficit is a stock variable, while debt is a flow variable. c. A budget deficit and debt are both stock variables
d. The budget deficit decreases when aggregate demand decreases. e. Debt increases when the budget deficit decreases.
Which of the following could cause the production function to shift upward?
a. A decrease in the capital stock b. An increase in the capital stock c. An increase in population d. A decrease in population e. An increase in transfer payments