Refer to Table 18-1. Suppose a series of votes are taken in which each pair of alternatives is considered in turn. The first pair considered is between subsidies for education and research on Alzheimer's
The second pair considered is between Alzheimer's research and increased border security. The third pair considered is between education subsidies and increased border security. In this case, the collective preferences of the voters
A) turn out to be transitive and will yield a consistent outcome.
B) turn out not to be transitive but will yield a consistent outcome.
C) turn out not to be transitive and will not result in a consistent outcome.
D) turn out to be transitive but will not result in a consistent outcome.
C
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In situations in which prices cannot be used to signal relative scarcities of goods, which of the following can serve as a rationing mechanism?
A) queuing B) political power C) random assignment D) all of the above
When there is an upward rise in the volume of economic activity, the economy is said to be in a recession
a. True b. False Indicate whether the statement is true or false