A voting procedure in which voters initially rank alternatives, the alternative with the fewest first-place votes is eliminated and those votes are transferred to each voter's next-favorite choice,
and the process repeats until a winner emerges, is known as the
A) Borda-count method.
B) Condorcet method.
C) instant runoff method.
D) plurality-rule method
C
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Suppose that, initially, the nominal interest rate is 6 percent and the inflation rate is 3 percent. If the inflation rate increases to 6 percent, what will be the new nominal interest rate?
A) 6 percent B) 1 percent C) 11 percent D) 9 percent
If fixed cost rises,
A. the profit-maximizing level of output would decrease. B. the profit-maximizing level of output would not change. C. marginal cost rises. D. variable cost falls.
________ originally proposed the use of government spending to stimulate the economy in the 1930s during the Great Depression.
A. Stanley Kuznets B. John Maynard Keynes C. Albert Einstein D. Franklin Delano Roosevelt
Starting from long-run equilibrium, a decrease in autonomous investment results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; higher C. higher; potential D. lower; higher