Which of the following sets of preferences can not satisfy the property of transitivity?
a. Plan A is preferred to plan D. Plan D is preferred to plan B. Plan C is preferred to plan B.
b. Plan A is preferred to plan B. Plan B is preferred to plan C. Plan A is preferred to plan C.
c. Plan C is preferred to plan A. Plan B is preferred to plan A. Plan C is preferred to plan B.
d. Plan D is preferred to plan C. Plan C is preferred to plan B. Plan B is preferred to plan D.
d
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Identify whether each of the following policies is an example of (1 ) a discretionary fiscal policy, (2 ) an example of an automatic stabilizer, or (3 ) not a fiscal policy
a. Food stamps b. Government spending on rebuilding airports c. Tax credits for the purchase of energy efficient appliances d. The extension of the "Bush tax cuts" of 2001 and 2003 e. Changing the required reserve ratio f. The bailout of large financial institutions during the financial crisis g. The progressive income tax system
Classical economic theory predicted that in the long run the economy would experience:
a. below full unemployment. b. rising rate of inflation. c. full employment. d. idle factors of production.