First-past-the-post voting entails:
A. one vote with many options, and the option that gets to 51% wins.
B. one vote with many options, and the option with the most votes wins.
C. voters ranking all available options and the option most approved of wins.
D. a series of votes with two options; the winner of the first vote is paired with another option until all options have been voted on in pairs and there is one winner.
Answer: B
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By acting as a lender of last resort during a banking panic, a central bank allows commercial banks to
A) encourage the public to borrow directly from the central bank, taking pressure of the banking system. B) satisfy customer withdrawal needs and eventually restore the public's faith in the banking system. C) call in their loans to their customers and eventually restore the public's faith in the banking system. D) make additional loans to increase the assets on their balance sheets.
Luis wonders why commercials appear more frequently at the end of a TV movie than at the beginning. Carol says that this pattern can be explained by the
a. share of the viewer's budget spent on TV watching b. length of the adjustment period c. cost of supplying additional minutes of the movie d. high elasticity of demand for watching the end of a TV movie e. availability of substitutes