In his 1951 book Social Choice and Individual Values, Arrow's perfect voting system satisfies all of the following properties except
a. unanimity.
b. transitivity.
c. reflexivity.
d. independence of irrelevant alternatives.
c
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In evaluating a relationship between x and y, ceteris paribus means other variables
A) are not relevant to x and y. B) move in opposite directions to x and y. C) are not changing while x and y change. D) move in the same direction as x and y.
(Last Word) The "after this, therefore because of this" fallacy states that
What will be an ideal response?
Assume the firms in a monopolistically competitive industry initially are earning positive economic profits. Which of the following will not occur over? time?
A) The firms' economic profits will be reduced.
B) New firms will enter.
C) Demand for the existing firms' output will become more inelastic.
D) The number of substitutes available in the industry will increase.
To prevent demand-pull inflation...
What will be an ideal response?