Under what conditions might the median voter's preferred outcome not be selected through majority rule?
What will be an ideal response?
The median voter's preferred outcome might not be selected through majority rule if one or more voters have multiple-peaked preferences. That is, a particular voter might prefer an outcome farther away from his preferred outcome to one closer to his preferred outcome. This opens the possibility that there are many possible majority rule outcomes.
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Autonomous tightening of monetary policy involves ________
A) raising interest rates and shifting the MP curve to the right B) lowering interest rates and shifting the MP curve to the left C) raising interest rates and shifting the MP curve to the left D) lowering interest rates and shifting the MP curve to the right E) none of the above
Which of the following is a criticism of capitalism?
a. Unequal distribution of income. b. Failure to protect the environment. c. Exploitation of workers. d. All of these.
Describe some of the steps used to combat inflation. What are their side-effects?
When some dollar amount is automatically corrected for inflation by law or contract, the amount is said to be indexed for inflation
a. True b. False Indicate whether the statement is true or false