As an alternative to pairwise majority voting, each voter could be asked to rank the possible outcomes, giving 1 point to her lowest choice, 2 points to her second-lowest choice, 3 points to her third-lowest choice, and so on. This voting method is called a(n)
a. median vote.
b. pairwise minority vote.
c. Borda count.
d. Arrow count.
c
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If a firm is earning just enough to cover all its economic profits does that mean it's not making a profit?
What will be an ideal response?
Tracy and Amy are playing a game in which Tracy has the first move at X in the decision tree shown below. Once Tracy has chosen either the top or bottom branch at X, Amy, who can see what Tracy has chosen, must choose the top or bottom branch at Y or Z. Both players know the payoffs at the end of each branch.
The equilibrium to the game results in ________ for Amy and Tracy relative to what they could get if they could solve their ________.
A. lower payoffs; commitment problem B. lower payoffs; prisoner's dilemma C. higher payoffs; commitment problem D. lower payoffs; credible threat
Microeconomics examines the
A) total household expenditures. B) behavior of the economy as a whole. C) aggregate business spending. D) decision making undertaken by individual households.
The per-hour output produced by a worker describes the
A. productivity of workers. B. labor force participation rate. C. capital per worker ratio. D. nominal worker growth standard.