Which of the following is not a criterion for an ideal voting system, according to economist Kenneth Arrow?
A. Unanimity
B. No dictator
C. Transitivity
D. Fairness
D. Fairness
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What is economic profit?
What will be an ideal response?
Price discrimination, where different units of a good are sold for different prices
A) is impossible because there can only be one market price. B) can be effectively practiced by all monopolists. C) maximizes consumer welfare because each consumer pays only the price he or she is willing to pay. D) is possible if the good cannot be resold.
The action time lag is the time period that elapses
A) between when an economic problem manifests itself and it is officially acknowledged. B) between the recognition of an economic problem and implementing policies to solve it. C) between implementing policies to solve an economic problem and when the results of that policy can be measured. D) between the beginning of the budgetary process and the final budget resolution.
If P1 is a price ceiling, the highest price for good Y, which is tied (a tie-in sale) to good X, is
A. P1. B. P2. C. P3. D. P3 – P1. E. P1 + P2.