Collective decision making costs _____
a. decrease as we get closer to unanimity
b. increase as more people have to agree
c. are an impediment to individual action
d. are the reason why simple majority rule is always optimal
b
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Refer to Table 8-18. What is real GDP in 2016, using 2011 as the base year?
A) $28,885 B) $11,790 C) $11,200 D) $10,275
Describe, in general terms, how an economist calibrates a macroeconomic model. What statistics can be usefully examined to see how well the model corresponds to the data?
What will be an ideal response?
A U.S. Treasury bond is a
a. store of value and common medium of exchange. b. store of value, but not a common medium of exchange. c. a common medium of exchange, but not a store of value. d. neither a store of value nor a common medium of exchange.
Other things constant, countries that invest more will grow
What will be an ideal response?