When each voter has a most-preferred outcome for the expenditure on a particular government program, majority rule will produce the outcome
a. preferred by the mean (average) voter.
b. preferred by the median voter.
c. that causes the political party in power to increase its power.
d. defined by Arrow's Impossibility Theorem.
b
You might also like to view...
Refer to Figure 7.1. Suppose the city passes an ordinance banning loud music, and this directly impacts Angus's legal ability to play his bagpipes
If Angus continues to play the bagpipes and Dudley calls the police, the payoffs in the appropriate cell in the payoff matrix would change to A) N/A. B) 550, 100. C) 100, 550. D) The payoffs would not change.
The European Commission believes that in 2016 exports of goods and services from Spain will be 22 times larger than in 2013. Irish exports are expected to have grown by 15 percent over the same period. If imports remain constant
A) the current account balance in both countries will become more positive. B) the current account balance in both countries will become more negative. C) there will be no change in the current account balance of both countries. D) in both countries the capital and financial account balance will become more positive.
A particularly attractive feature of the ________ is that it tells you what the market is predicting about future short-term interest rates by just looking at the slope of the yield curve
A) segmented markets theory B) expectations theory C) liquidity premium theory D) separable markets theory
Define the following terms and explain their importance to the study of economics
a. poverty line b. economic discrimination c. optimal inequality d. negative income tax