b) Select the most correct response: i. An important indicator of a nations well-being is: a....

b) Select the most correct response:

i. An important indicator of a nations well-being is: a. Gross Domestic Product (GDP) b. Gross National Product (GNP) c. The growth rate of GDP and GNP

ii. Which of the following combination of monetary policy and fiscal policy can be used to reduce inflation? a. Increase taxes and sell government bonds b. Decrease taxes and sell government bonds c. Increase taxes and buy government bonds

iii. Which of the following changes in taxes and government spending is necessarily expansionary? a. Increase in taxes and decrease in government spending b. Decrease in taxes and increase in government spending c. None of the above

iv. Arrow's impossibility theorem suggests that: a. There is no voting procedure which can aggregate individual preferences b. Democracy is dysfunctional c. There is no perfect voting procedure that can tell us the group's “true” interests

v. Which of the following sets of preferences are intransitive (e.g., in a vote cycle)? a. Nero is preferred to Cesar. Cesar is preferred to Antony. Nero is preferred to Antony b. Nero is preferred to Cesar. Antony is preferred to Nero. Cesar is preferred to Antony c. None of the above

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Expert Solution

Rahul Sunny answered 1 year ago

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