The "No Dictator" Criterion for an Ideal Voting System Means

question 3

Multiple Choice

The "no dictator" criterion for an ideal voting system means that:

• A)one person cannot have the power to enact his or her own preferences.
• B)those in power must be forced to listen to the will of the people when enacting policy.
• C)the presence of pure democracy is needed, so everyone gets a vote.
• D)one person cannot have his or her preferences represented in what voters decide upon.

Identify how the price elasticity of demand changes along a linear demand curve.

Recognize the economic implications of price elasticity for businesses and consumers.

Understand the impact of price changes on total revenue depending on the elasticity of demand.

Assess how the nature of goods (necessities vs. luxuries) affects their price elasticity of demand.

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Definitions:

Interest Rate

The portion of a total amount of money levied for borrowing it, usually represented as a yearly rate.

Amount

The total sum or quantity of something.

Annuity Payment

Regular periodic payments made to an annuitant or beneficiary, often fixed sums received from a retirement account or insurance policy.

Rate Of Interest

The percentage of a loan incurred as interest cost to the borrower, usually expressed as an annual rate.