Examlex
Suppose the GDP deflator was 120 in 1997 and 123.6 in 1998. What was the rate of inflation over the period?
Allocative Efficiency
A state of the economy in which production represents consumer preferences; every good or service is produced up to the point where the last unit provides a utility level equal to the cost of producing it.
Productive Efficiency
A situation where the economy or an economic system operates in a way that it cannot produce more of one good without affecting the production of another good.
Voting Paradox
The voting paradox, or Condorcet paradox, illustrates a situation in a voting system where collective preferences can be cyclic, even if the individual preferences are non-cyclical.
Voter Failure
A situation where voters make an uninformed or poor choice, often due to lack of information or misleading information, that does not align with their interests.
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