Suppose $1 billion is available in the budget and Congress is considering allocating the funds to one of the following three alternatives:
a. subsidies for education
b. research on Alzheimer's
c. increased border security
If voters prefer a to b and b to c, then if preferences are transitive
A) they should prefer c to a.
B) they should prefer a to c.
C) they should be indifferent between a and c.
D) it is not always possible to rank voters' preferences between a and c.
B
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An increase in consumers' incomes will have what effect on the equilibrium in the restaurant meals market?
a. Price will increase, and quantity will increase. b. Price will decrease, and quantity will increase. c. Price will increase, and quantity will decrease. d. Price will decrease, and quantity will decrease. e. Price will increase, and quantity will stay the same.