Arrow's impossibility theorem shows that no voting system can satisfy which of the following properties?
a. unanimity and transitivity only
b. transitivity and independence of irrelevant alternatives only
c. no dictators and transitivity only
d. unanimity, transitivity, independence of irrelevant alternatives, and no dictators
d
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If the market price in a perfectly competitive market is less than a firm's minimum average variable cost, then the firm's total revenue will always ________
A) exceed its total fixed cost B) be less than its total economic loss C) equal its total cost D) be less than its total variable cost
Generally, if a nation produces more consumer goods than capital goods
A) more of all goods may be produced in the future. B) less of all goods may be produced in the future. C) about the same amount of capital goods may be produced in the future as are being produced today. D) society will have to forego future consumption of capital goods.
The money stock in the economy is a. the amount of wealth accumulating in the economy, such as currency and demand deposits
b. the amount of wealth accumulating in the economy, such as money market mutual funds and stocks. c. the quantity of money circulating in the economy, such as currency and demand deposits. d. the quantity of money circulating in the economy, such as money market mutual funds and stocks.
Other things the same, when the price level falls, interest rates
a. rise, which means consumers will want to spend more on homebuilding. b. rise, which means consumers will want to spend less on homebuilding. c. fall, which means consumers will want to spend more on homebuilding. d. fall, which means consumers will want to spend less on homebuilding.