Arrow's impossibility theorem states that the majority rule fails to produce transitive preferences for society

a. True
b. False
Indicate whether the statement is true or false


False

Economics

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Substitutes are pairs of goods that have a positive cross-price elasticity of demand

a. True b. False

Economics

Which of the following changes will shift the money demand curve leftward?

a. An increase in the price level b. An increase in real GDP c. A decrease in the nominal interest rate d. An increase in the nominal interest rate e. A decrease in real GDP

Economics

Monopolistically competitive firms can earn large profits in the long run.

Answer the following statement true (T) or false (F)

Economics

If the rate of exchange for a pound of $4, the rate of exchange for the dollar is _____ pound.

Fill in the blank(s) with the appropriate word(s).

Economics