The median voter's preferred outcome is the same as the
a. average preferred outcome.
b. outcome preferred by the greatest number of voters.
c. outcome produced by majority rule.
d. outcome preferred by Arrow's "perfect" voter.
c
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All of the following are advantages of risk pooling in the health insurance market except
A) it is easier for an insurance company to estimate the average number of claims likely to be filed under a group policy than it is to predict the number of claims likely to be filed under an individual policy. B) by insuring large groups as opposed to individuals, health insurance companies reduce adverse selection. C) individuals who are insured and therefore do not have to pay the full cost of health care services may be inclined to overuse those services. D) it gives very sick people in the pool the same access to health care and pay the same premiums as healthy individuals.
List the major non-price determinants of supply
What will be an ideal response?
At its maximum during the Great Depression unemployment reached approximately ___ percent of the labor force?
a. 15 b. 25 c. 50 d. 75
Suppose a perfectly competitive constant-cost industry is in long-run equilibrium when market demand suddenly increases. What would probably happen to a firm in this industry in the long run?
a. It would experience no change for the original equilibrium b. It would experience a higher equilibrium price c. It would experience a lower equilibrium price d. It would experience the same equilibrium price but would reduce its output e. It would experience higher average total costs and would reduce its output