Balance of payments deficits arise whenever the exchange rate is pegged at an artificially high level.

If the quantity demanded changes proportionately the same as price, demand is said to be

A) vertical. B) elastic. C) unit elastic D) inelastic.

Voters who do not have single-peaked preferences _____

a. prefer outcomes closer to their most preferred outcome to outcomes further away b. do not necessarily prefer outcomes closer to their most preferred outcome to outcomes farther away c. prefer all outcomes the same d. are unable to weigh one outcome against another outcome, regardless of where the outcome is along a one-dimensional continuum