Social choice involves all of the following except
A. understanding the incentives facing politicians and public servants.
B. consistently efficient decisions through the use of majority rule voting.
C. deciding what society wants.
D. aggregating over individual preferences.
Answer: B
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Refer to Figure 3.1. What is the number of outcomes which represent Nash equilibria in this game?
A) 1 B) 2 C) 3 D) 4
The place or point where independent systems or diverse groups interact is called the:
a. Interface b. Seam c. Subsystem d. Boundary
Which of the following does not affect the wages a worker earns?
a. natural ability b. effort c. chance d. All of the above affect the wages a worker earns.
A multi-plant monopolist produces more than if each of its plants were a separate firm in a competitive market.
Answer the following statement true (T) or false (F)