Across the United States, fire departments are fighting with private companies over the right to respond to medical emergencies. Each side will fight harder the:
A. more inelastic the demand.
B. less inelastic the demand.
C. more elastic the supply.
D. more elastic the demand.
Answer: A
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In 2000, three candidates appeared on virtually all ballots in the US Presidential election: George W. Bush, Al Gore and Ralph Nadar. Bush arguably won the election by 537 votes in Florida where Ralph Nadar received nearly 100,000 votes. It is often argued that Al Gore would have won the election had Ralph Nadar not been on the ballot in Florida. Discuss how this suggests that the social choice process the US uses to elect Presidents does not satisfy the Independence of Irrelevant Alternatives (IIA) assumption in Arrow's theorem.
What will be an ideal response?
As a manager holding an auction with correlated or common values, you want buyers to place bids that are ________ their estimated ________ and sellers to place bids that are close to their estimated ________.
A) close to; valuations; costs B) far from; valuations; costs C) close to; costs; valuations D) far from; costs; valuations
The "invisible hand" described by Adam Smith refers to the
a. allocative role of markets and market forces b. importance of government intervention and central planning c. actions of successful entrepreneurs in directing the economy d. role of monopolized industries in leading the nation e. value of religious belief in creating an ideal economy
In recent decades Americans have increased their purchase of stocks of foreign-based companies. The Americans who have bought these stocks were engaged in
a. foreign portfolio investment. b. indirect domestic investment. c. foreign direct investment. d. foreign indirect investment.