The "Anything-Can-Happen" theorem doesn't really imply "anything can happen" in a democratic process with multiple issues; rather, it implies that political outcomes can be manipulated, and some political institutions are better at constraining the degree to which this can be done than others. Do you agree or disagree with this statement? Why?
What will be an ideal response?
Taken literally, the theorem does say that pretty much any policy can be implemented through majority rule. But it probably should not be take literally -- because the real world is full of institutional constraints that bind agenda setters and keep them from behaving as the theorem would predict. This then provides the rationale for studying different political institutions -- and how effective they are at constraining agenda setter powers.
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A nondiscriminating pure monopoly is generally viewed as being ________.
A. productively efficient, but not allocatively efficient B. both productively and allocatively efficient C. allocatively efficient, but not productively efficient D. neither productively nor allocatively efficient
If we use the expenditure approach to measure GDP and the income approach to measure national income, we arrive at the same value
Indicate whether the statement is true or false
The invisible hand principle indicates that competitive markets can help promote the efficient use of resources
a. only if buyers and sellers really care, personally, about economic efficiency. b. even when each market participant cares only about their own self interest rather than about the overall efficiency of resource use. c. even if business firms fail to produce goods efficiently. d. if, and only if, businesses recognize their social obligation to keep costs low and use resources wisely.
In fiscal year 1997, the U.S. government ran a deficit of about $21.9 billion. In fiscal year 1998, the government ran a surplus of about $69.3 billion. Other things the same, we would expect this change
a. decreased interest rates and investment. b. decreased interest rates and increased investment. c. increased interest rates and investment. d. increased interest rates and decreased investment.