Refer to the table below, which shows the ranked preferences of voters for three alternative projects, with "1" being the top preference. In a paired-choice vote between a jail and a stadium:
A. A majority of the voters would favor the jail, 2-to-1
B. A majority of the voters would favor the stadium, 2-to-1
C. A majority of the voters would favor the jail, 3-to-0
D. A majority of the voters would favor the stadium, 3-to-0
B. A majority of the voters would favor the stadium, 2-to-1
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The term Production Function refers to the
A) use of machinery and equipment in production. B) relationship between costs and output. C) relationship between inputs and output. D) role of labor unions.
Self-correcting mechanism reveals that
A. real wages will increase if there is an increase in price. B. nominal wages will fall if there is inflationary gap. C. nominal wages will increase if there is recessionary gap. D. in the long run economy will be in equilibrium at potential GDP.