Briefly explain the difference between naive voting and strategic voting
What will be an ideal response?
Naive voting refers to voting in accordance with one's true preferences. Strategic voting refers to voting against one's true preferences in the initial rounds of a runoff election in order to prevent the selection of an undesirable alternative in the final round of the election.
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According to the economic way of thinking, it is efficient to support a system of law and order through taxation because
A) we need law and order. B) law and order are not free goods. C) law and order create significant spillover benefits. D) citizens ultimately despise law and order.
What is the tragedy of the commons? Give two examples, including one from your state
What will be an ideal response?
Monetarists maintain that the increase in the money supply can explain the inflation of the 1970s and 1980s when one considers the bonds purchased by the Fed to finance the federal deficits of the period
Indicate whether the statement is true or false
No currency ever appreciated or depreciated under the Bretton Woods system as it was based on a system of fixed exchange rates
a. True b. False Indicate whether the statement is true or false