Which of the following is(are) true regarding the median voter model?
a. In majority voting systems, either the right-wing or the left-wing wins, and so the median voter is the only voter guaranteed not to get his/her preferences met.
b. In majority voting systems, the median voter is always a part of the losing side, and so no voter wants to be the median voter.
c. In majority voting systems, the median voter determines which outcome wins.
d. In majority voting systems, the median voter is always a part of the wining side, and so no voter wants to be the median voter.
c
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Consider the following T-account for National City Bank:
Assets Liabilities Reserves $10,000 Deposits $100,000 Loans $90,000 If the required reserve ratio is lowered to 8 percent, how much can National City loan out? A) $10,000 B) $8,000 C) $2,000 D) $0
In an arms race between two nations, both would be better off if _____
a. they could agree not to engage in the arms buildup b. if more countries entered the arms race c. one nation controlled more resources than the other d. a conflict broke out in another part of the world
Imagine that the state legislature raises the tax on gasoline by 10 cents/gallon. What most likely happens next?
a. Service station operators pass along the tax to you, adding the 10 cents to the price of a gallon of gas. b. Service station operators grumble, but pay the tax without passing the cost along to you. c. Service station operators pass along as much of the tax to you as they can, probably about 6 cents/gallon. d. None of these choices.
When a tax is levied on a good,
a. government collects revenues which might justify the loss in total welfare. b. there is a decrease in the quantity of the good bought and sold in the market. c. a wedge is placed between the price buyers pay and the price sellers effectively receive. d. All of the above are correct.