School Board Voters' Ordered PreferencesDavidErnieFionaNew gymNew libraryNew computer labNew libraryNew computer labNew gymNew computer labNew gymNew libraryIf a pair-wise majority vote was held to determine which school project gets funded and the voters' preferences are shown in the table, if Ernie sets the agenda which option would he see was voted on first?
A. Computer lab and gym
B. Library and lab
C. Gym and library
D. It doesn't matter which options are considered first.
Answer: A
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Which of the following statements describes economists' attitudes regarding the influence of social factors on the choices consumers make?
A) Economists believe social factors affect consumer choice in markets for public goods but not in markets for private goods. B) Liberal economists believe social factors are very important; conservative economists do not believe social factors have any influence on consumers. C) Economists traditionally believed they were unimportant, but many economists now believe social factors are important. D) Economists formerly believed they were very important but now they believe they are not important.
A decrease in total revenue will result if
A) demand is inelastic and price increases. B) demand is elastic and price decreases. C) demand is inelastic and price decreases. D) demand is unitary elastic and price decreases.
The decrease in the number of sellers of a good would
A. move its supply curve to the right. B. cause a movement along the supply curve to a (lower price, lower quantity) point. C. move its supply curve to the left. D. cause a movement along the supply curve to a (higher price, higher quantity) point.
A decrease in government purchases can close an expansionary gap by shifting the aggregate demand curve
a. True b. False Indicate whether the statement is true or false