The impossibility theorem is the idea that
A. private parties cannot arrive at the efficient solution without government intervention.
B. it is impossible to exclude someone from enjoying the benefits of a public good.
C. we cannot devise a voting scheme that respects individual preferences and gives consistent, non-arbitrary results.
D. it is impossible for lawmakers to get legislation passed without agreeing to help other lawmakers get their legislation passed.
Answer: C
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The lower the price of medical care in general, the higher the ____________________________ medical care and the ______________________ specific items that make up medical care (such as x-rays)
A) quantity demanded of; higher the demand for B) demand for; higher the demand for C) quantity demanded of; lower the demand for D) demand for; higher the quantity demanded of
Oligopoly is characterized by
A. some industries producing differentiated products. B. some industries producing identical products. C. few firms. D. all of the choices.
The perfect competitor can make a profit
A. only in the long run. B. only in the short run. C. in both the long run and the short run. D. in neither the long run nor the short run.
Which of the following is true about the consumer price index?
A) It accounts for people switching to goods whose prices have fallen. B) It assumes that consumers purchase the same amount of each product in the market basket each month. C) It frequently updates the price changes of new products added to the market basket, as these have a tendency to fall. D) It filters out the part of price increases that occurs because of quality improvements in products.