The democratic system of one person/one vote:
A. does not necessarily lead to a political system that favors the poor because many of the poor are illiterate and unable to vote.
B. necessarily leads to a political system that favors the poor because the poor organize themselves into groups that can deliver votes to politicians.
C. necessarily leads to a political system that favors the poor because there are more poor voters than there are rich voters.
D. does not necessarily lead to a political system that favors the poor, because many of the poor do not vote, believing that their individual votes cannot make a difference.
Answer: D
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Tobin's model of the speculative demand for money shows that people hold money as a ________ as a way of reducing ________
A) medium of exchange; transaction costs B) medium of exchange; risk C) store of wealth; transaction costs D) store of wealth; risk
A typical professional National Football League team has three quarterbacks on its roster. What is one reason why they might not have a fourth quarterback?
A) The fourth quarterback's marginal product is approximately zero. B) The fourth quarterback's marginal product is approximately ten. C) The fourth quarterback's marginal product is less than the first quarterback's marginal product. D) There is a law against carrying four quarterbacks on a team.
Which of the five goods, A to E, whose price elasticities of demand are shown in the choices below, is the best candidate to tax if the goal is to acquire maximum tax revenue?
a. good A, with price elasticity of 0.90 b. good B, with price elasticity of 3.40 c. good C, with price elasticity of 1.25 d. good D, with price elasticity of 0.50 e. good E, with price elasticity of 1.00
Consider the price paid for debt issued by the State of California. Which of the following would lead to a decrease in the value of State of California bonds?
A. The State of California pays back its previous bonds ahead of schedule. B. The State of California bonds have a shorter maturity. C. The State of California bonds are in small dollar amounts. D. The State of California experiences a fiscal crisis that makes it less likely it will be able to honor its interest payments.