The self-correcting tendency of the economy means that rising inflation eventually eliminates:

Condorcet's Paradox occurs when:

a. majority rule voting cycles among alternatives. b. majority rule voting results in decisions that are not Pareto optimal. c. point voting yields indeterminate results. d. point voting results in decisions that are not Pareto optimal.

Which of the following offers the best example of an external cost?

a. The opportunity cost of money that an entrepreneur has invested in her business b. The payments to owners of labor resources and coal inputs used by a coal-burning electric generating facility c. The price paid by households for electricity service, including both the electricity itself and the cost of transporting the electricity through power lines d. The harms to private property, open-access resources, and human health caused by pollution byproducts of electricity production