List and describe two issues regarding incentives and information that explain why the median voter model might not accurately describe democratic decision-making
What will be an ideal response?
Rational ignorance and special interests are two of the primary reasons why the median voter model might not accurately describe the results of democratic decision-making. Rational ignorance occurs because one vote has almost no incentive to change the outcome of an election so voters have little incentive to collect information to cast an informed vote or even to vote at all. Special interests occur when smaller groups have an incentive to become informed about political programs that provide them with concentrated benefits.
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The authors cited statistical evidence that the price elasticity of demand for Royal Crown cola is -2.4, and the price elasticity of demand for Coke is roughly -5.5
Which firm likely has stronger brand loyalty among customers that provides greater potential for monopoly power in the cola market? A) Coke B) Royal Crown C) Both firms should have identical monopoly power D) We do not have enough information to answer this question.
International equilibrium occurs if the quantity of imports demanded by one country is equal to the quantity of exports supplied by the other country
a. True b. False Indicate whether the statement is true or false
If production involves constant opportunity cost, the production possibilities curve
a. is "bowed inward." b. is a straight line. c. is "bowed outward." d. is a wavy line. e. has an unpredictable shape.
The higher is the tax on productive activity, the more likely that people will attempt to evade those taxes by diverting their economic activity from the formal, reported economy to an underground, "off-the-books" economy
Indicate whether the statement is true or false