In his 1951 book, Social Choice and Individual Values, Kenneth Arrow defined a "perfect" voting system. That system includes which of the following features?
a. unanimity
b. transitivity
c. absence of a dictator
d. All of the above are correct.
d
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A characteristic found only in oligopolies is
A) independence of firms. B) break-even level of profits. C) products that are slightly different. D) interdependence of firms.
How would each of the following affect the firm's marginal, average, and average variable cost curves?
a. An increase in wages b. A decrease in material costs c. The government imposes a fixed amount of tax. d. The rent that the firm pays on the building that it leases decreases.
An economic boom in China is likely to lead to a(n):
a. decrease in U.S. exports and U.S. aggregate demand. b. increase in U.S. exports and U.S. aggregate demand. c. decrease in U.S. imports and U.S. aggregate demand. d. increase in U.S. imports and U.S. aggregate demand.
If the total amount of demand deposits in the country increases by $12,000 after the Fed purchases $6,000 in bonds, what is the required reserve ratio?
a. 0.4 b. 0.1 c. 0.2 d. 0.5 e. 0.3