Even when preferences are _____, the _____ will produce a single winner
a. not single peaked; equilibrium
b. single peaked; log-rolling
c. cyclical; majority rule system
d. cyclical; primary system
d
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If a price floor on coffee is set above the market-clearing price, then
A) the quantity of coffee demanded will decrease. B) the quantity of coffee supplied will increase. C) the quantity demanded for coffee will increase. D) Both A and B will occur E) none of the above will occur.
In the United States in 2015, government purchases of goods and services were
a. larger than consumption, but smaller than investment. b. larger than investment, but smaller than consumption. c. smaller than both consumption and investment. d. larger than both consumption and investment.
If a profit-maximizing firm in a perfectly competitive market is currently producing the output where (price - average variable cost) < average fixed cost, the firm is:
A. making a positive economic profit. B. making a zero economic profit. C. suffering an economic loss. D. None of these
As applied to the price level, the "rule of 70" indicates that the number of years required for the price level to double can be found by:
A. dividing 70 into the annual rate of inflation. B. dividing the annual rate of inflation into 70. C. subtracting the annual change in nominal incomes from 70. D. multiplying the annual rate of inflation by 70.