No clearly defined socially preferred outcome may result when majority voting on outcomes because
A) often voters don't understand the outcomes.
B) voting may violate the independence of irrelevant alternatives.
C) voting may lead to incomplete preferences.
D) voting may lead to non-transitive preference.
D
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People expect that the exchange rate for the dollar will rise from 90 yen per dollar to 111 yen per dollar in a month. As a result
A) the supply curve of dollars shifts leftward. B) the supply curve of dollars shifts rightward. C) the demand curve for dollars shifts leftward. D) there is a downward movement along the supply curve of dollars.
A firm whose production process exhibits constant returns to scale would find that if it doubled all of its inputs, its output would ________.
A. double B. less than double C. more than double D. remain constant