The Borda count fails to satisfy which of Kenneth Arrow's properties of a "perfect" voting system?
a. no dictator
b. unanimity
c. transitivity
d. independence of irrelevant alternatives
d
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Graphically, all else constant, a decrease in the price of labor would be illustrated by:
A) a parallel shift of the isocost line in toward the origin. B) rotating the isocost line away from the origin along the labor axis. C) a parallel shift of the isocost line away from the origin. D) rotating the isocost line in toward the origin along the capital axis.
In the FOMC's "Statement on Long-Run Goals and Monetary Policy Strategy,"the FOMC agreed to a single numerical value of the inflation objective, 2% on the ________
A) PCE deflator B) GDP deflator C) CPI D) PPI
The sale of each iPhone in the U.S. counts as an:
A. import, because they are assembled in Mexico. B. export, because they are produced in the U.S. C. export, because they are assembled in China. D. import, because they are assembled in China.
Which of the following conclusions about supply-side tax initiatives is accepted by most economists?
A. Supply-side tax cuts are likely to benefit the poor as much as the rich. B. Supply-side tax cuts will almost certainly lead to smaller budget deficits. C. Such tax cuts probably will increase aggregate supply quickly, but an increase in aggregate demand will come later. D. Tax reductions aimed at stimulating business investment are likely to have a greater impact than tax reductions aimed at getting people to work longer hours or save more.