What is the median voter model? Describe four different ways in which this theory is predicted to impact the behavior of political candidates
The median voter model suggests that candidates in a two-person political race will have a tendency to move to a position in the center of the distribution of views, matching the preferences of the median voter. The theory predicts that candidates will: 1 ) label their opponent as too far right (or left, whichever is appropriate); 2 ) call themselves middle-of-the-roaders; 3 ) take polls and modify their positions to become more like their opponent (if they are losing in the polls); 4 ) speak in general, instead of specific, terms.
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Suppose that sharply lower coffee prices lead to a decrease in the demand for tea. Tea price decreases, and the tea producers experience short-run economic losses. If the tea industry is a price-taker market, after sufficient time is allowed for the market to adjust fully to the decrease in the demand for tea, one would expect the tea industry's output to
a. increase and economic losses to persist. b. decline and economic losses to persist. c. decline and economic losses to disappear. d. increase and economic losses to disappear
The interest-rate effect
a. depends on the idea that increases in interest rates increase the quantity of money demanded. b. depends on the idea that increases in interest rates increase the quantity of money supplied. c. is the most important reason, in the case of the United States, for the downward slope of the aggregate-demand curve. d. is the least important reason, in the case of the United States, for the downward slope of the aggregate-demand curve.
Which of the following events will cause the unemployment rate to increase?
A. an increase in population, with no change in the size of the labor force B. a proportionally equal increase in the labor force and the number of unemployed workers C. an increase in the labor force with no change in the number of employed workers D. an increase in the number of employed workers with no change in the number of unemployed workers
Are credit cards money? Explain.
What will be an ideal response?