In a simple majority vote, the losses to the losers are greater than the gains to the winners. It follows that the
A) outcome of the vote is efficient.
B) outcome of the vote is inefficient.
C) outcome of the vote will be nullified (most likely by the Courts).
D) vote has generated net benefits.
E) none of the above
B
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The marginal benefit from a good is the amount a person is willing to pay for
A) all of the good the person consumes. B) one more unit of the good. C) all of the units of the good the person consumes divided by the number of units he or she purchases. D) one more unit of the good divided by the number of units purchased.
Product development is efficient if the
A) new product actually brings great benefits to the consumer. B) producer's marginal cost of product development equals the consumer's marginal benefit. C) producer surplus from selling the product equals the consumer surplus. D) average cost of the product development equals the average revenue generated.
As noted in the text, the major Japanese auto manufacturers agreed to "voluntary" import restrictions that reduced the number of cars they could ship to the U.S. market in the 1980s
One of the key outcomes from this policy is that the Japanese manufacturers were able to: A) focus on more profitable auto markets in other countries. B) raise their prices of autos in the U.S. market and capture higher profit margins on the imported cars. C) cut their costs by more than the import tariff, so profit per auto increased. D) all of the above
If the absolute value of the price elasticity of demand for a product is greater than 1, then
A) quantity demanded is not very sensitive to price changes. B) demand is elastic. C) demand is unit-elastic. D) demand is inelastic.