If the labor market is perfectly competitive the wage rate will be less than the marginal revenue product of labor

When the central bank increases the monetary base, the purchasing power of previously existing currency ________, and this essentially transfers wealth ________

A) increases; from those who own existing currency to the government B) decreases; from those who own existing currency to the government C) increases; from the government to those who own existing currency D) decreases; from the government to those who own existing currency

The idea that a voting scheme cannot be devised that respects individual preferences and gives consistent, nonarbitrary results is known as

A. the impossibility theorem. B. Samuelson's theory. C. the independence of irrelevant alternatives. D. logrolling.