Figure 15-1
In , AD1 and SRAS1 indicate initial conditions in the goods and services market. In the short run, which of the following will most likely result from a shift to a more expansionary monetary policy under the rational expectations hypothesis?
a.
price level P1 and output Y1
b.
price level P2 and output Y2
c.
price level P3 and output Y1
d.
price level P1 and output Y2
a
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The idea that there is no voting system that can consistently make a fair choice among three or more candidates is a conclusion of
A) Arrow's impossibility theorem. B) the Condorcet paradox. C) the Voting Rights Act of 1965. D) the median voter theorem.