The Condorcet paradox is a situation in which the preferences of each individual member of a group are ________, and the collective preferences of the group are ________.
A. transitive; not transitive
B. not transitive; not transitive
C. transitive; transitive
D. not transitive; transitive
Answer: A
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A decrease in the price level in an economy is likely to cause a: a. decrease in the real value of dollar-denominated assets. b. downward shift of the aggregate expenditure line
c. decrease in the equilibrium level of output demanded. d. downward movement along the aggregate demand curve. e. leftward shift of the aggregate demand curve.
New growth theorists believe that
A. inventions spread very rapidly, thereby curtailing the need for more innovations. B. economic growth is due to capital spending and not research and development spending since much research and development spending fails to produce an invention. C. economic growth comes from innovation. D. economic growth comes only from saving.
Why are climate and environmental quality considered to be public goods? What are the implications?
What will be an ideal response?
How do taxes and needs-tested spending programs work as automatic fiscal policy to dampen the business cycle?
What will be an ideal response?