The sometimes inconsistent results coming from a series of paired-choice voting is due to:
A. Voters changing their preferences
B. Irrational preferences among some voters
C. A normal consequence of majority voting
D. Voters not having a good idea of their preferences
C. A normal consequence of majority voting
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If economies of scale are relatively important in an industry, the typical firm's
A) long-run average cost curve will reach a minimum at a level of output that leaves room for a large number of firms to enter the industry. B) long-run average cost curve will begin rising before it reaches minimum efficient scale. C) long-run average cost curve will reach a minimum at a level of output that is a relatively large fraction of total industry sales. D) marginal cost curve will decline continuously until it reaches minimum efficient scale.
Assume at the firm's profit-maximizing level of output P = AVC. In this case, the firm will be:
A) earning a positive economic profit. B) earning economic profit = 0. C) incurring an economic loss. D) breaking even.
During the 1987-88 expansion period interest rates in the United States rose as did the rate of investment in the economy. These facts suggest
A) the simple accelerator effect and the effects of higher interest rates complemented each other to raise output growth. B) the simple accelerator effect and the effects of lower interest rates complemented each other to lower output growth. C) the effects of the accelerator were greater than those of increased interest rates. D) the effects of the accelerator were smaller than those of increased interest rates.
A tariff is a tax imposed on ________ good.
A. a luxury B. an illegal C. a domestic D. an imported