Which of the following set of events is most likely to result in moderating the phases of a business cycle?
a. a war coupled with a major improvement in communications technology
b. higher interest rates coupled with a decrease in the demand for housing
c. the invention of the silicon chip coupled with the invention of a new energy source
d. decrease in capital stock coupled with the invention of high-definition television
e. a war coupled with higher interest rates
E
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The Condorcet paradox shows that
a. allocations of resources based on majority rule are always inefficient. b. problems in counting votes can negate legitimate democratic outcomes. c. the order on which things are voted can affect the result. d. transitive preferences are inconsistent with rationality.
A change in price that has relatively little effect on quantity demanded is called elastic demand
Indicate whether the statement is true or false