One of the conditions that must exist for the median-voter theorem to hold is:

A. there is a simple in-favor/not-in-favor position held by each candidate.
B. candidates win by majority vote.
C. there must be a run-off election in the event of a tie vote between two or more candidates.
D. voters may vote for a policy even if it not close to their own beliefs.


B. candidates win by majority vote.

Economics

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The model that states that individuals develop their inflation expectations after considering all the available information is referred to as the:

A) adaptive expectations model. B) marginal expectations model. C) composite expectations model. D) rational expectations model.

Economics

Refer to Figure 4-1. If the market price is $1.50, what is Arnold's consumer surplus?

A) $1.50 B) $2.25 C) $3.00 D) $4.75

Economics

If absolute PPP holds, then the real exchange rate must equal 1

Indicate whether the statement is true or false

Economics

Investment spending includes expenditures on all of the following except

A. Plants or office buildings. B. Inventory. C. Equipment. D. Stocks and bonds.

Economics