When each member of a group has transitive preferences but the collective preferences of the group are not transitive, this is an anomaly known as the ________
Fill in the blank(s) with correct word
Condorcet paradox.
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Based on the information in the table, the total amount of bank deposits decreased from ________ to ________ over the course of 1932. Currency held by public(in billions)Reserve-deposit ratioBank reserves (in billions)Money supply (in billions)December 1931$4.590.095$3.11$37.3December 1932$4.820.109$3.18$34.0
A. $37.3 billion; $34.0 billion B. $34.2 billion; $30.8 billion C. $32.7 billion; $29.2 billion D. $37.3 billion; $32.7 billion
The management of expectations has increased in importance in policymaking in recent decades with the rise of ________
A) traditional Keynesian theory B) institutionalist theory C) torsion theory D) new Keynesian theory
Assume SeatComfy Inc. estimates the demand for its table chairs to be Q = 5,000 -25P + 4I +10PA-15 PT, where P = the price of SeatComfy's chairs; PA = average price of competitors' chairs; PT = price of tables; and I = average income of SeatComfy's customers. Which of the following is true?
A. SeatComfy's chairs are normal goods; SeatComfy's and competitors' chairs are substitutes, while SeatComfy's sales are not affected by the pricing decisions of table producers. SeatComfy's sales increase by 50 percent if the price decreases by $2. B. SeatComfy's chairs are normal goods; SeatComfy's chairs and tables are complements, while SeatComfy's and competitors' chairs are substitutes. SeatComfy's sales decrease by 25 units as price increases by $1. C. SeatComfy's chairs are normal goods; SeatComfy's chairs and tables are complements, while SeatComfy's and competitors' chairs are substitutes. SeatComfy's sales decrease by 250 units as price increases by $1. D. SeatComfy's chairs are inferior goods; SeatComfy's chairs and tables are complements, while SeatComfy's and competitors' chairs are substitutes. SeatComfy's sales decrease by 250 units for each $10 increase in their own price.
A perfectly competitive system is efficient.
Answer the following statement true (T) or false (F)