The median-voter theorem suggests that:
A. voters tend to vote with a "mob-mentality," all voting the same.
B. Politicians always receive more votes in general elections when they appeal to extremists in their party.
C. the middle voter is generally influenced by the side they have more information on concerning an issue.
D. politicians maximize their votes by taking the policy position preferred by the median voter, under certain conditions.
Answer: D
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The above figure shows the Lorenz curves for four different countries. Which of the following statements CANNOT be made on the basis of the graph?
A) Incomes are distributed unequally in all four countries. B) Income distribution in country D is the most unequal among the four countries. C) Incomes are higher in country A than in country B. D) Income distribution is more equal in country B than in country D.
Marginal utility theory predicts that when the price of one good rises, the demand for another good is a substitute increases. This change occurs because of
A) an increase in the marginal utility per dollar from the substitute good. B) an increase in the marginal utility of the substitute good. C) a decrease in the marginal utility per dollar from the good whose price has risen. D) a decrease in the marginal utility of the good whose price has risen.
Which of the following was the result of the Federal Reserve's purchase of mortgage-backed securities in 2009?
a. MBS interest rates declined, home mortgage rates declined, and the Fed turned a profit on these operations. b. MBS interest rates declined, home mortgage rates declined, but the Fed had a loss on these operations. c. MBS interest rates increased, home mortgage rates declined, and the Fed turned a profit on these operations d. MBS interest rates increased, home mortgage rates increased, but the Fed had a loss on these operations
Which of the following changes in the aggregate demand and aggregate supply curves in likely to result in stagflation?
A) The aggregate demand curve shifts to the left when the economy is in the classical range of the aggregate supply curve B) The aggregate demand curve shifts to the right in classical range C) The aggregate demand curve shifts to the right when the economy is in the Keynesian range of the aggregate supply curve D) The aggregate supply curve shifts left E) The aggregate supply curve shifts right