Former Alabama Governor George Wallace ran for president several times, once as a third-party candidate in 1968. Wallace claimed there was "not a dime's worth of difference" between the Democratic and Republican parties during one of his campaig
How does Wallace's comment relate to the median voter theorem?
To win his party's nomination for president, a candidate can proclaim his support for the party's position on important domestic and foreign policy issues, but to be elected president, a candidate must receive a majority of the states' electoral votes in a general election. This typically requires candidates from both the Democratic and Republican parties to reach out to voters from both parties as well as independent voters. This is consistent with the median voter theorem and is one reason why many people believed that Wallace's observation was valid. Third-party candidates such as Wallace become popular because their views on important issues differentiate themselves from mainstream politicians but this places them away from the political middle in the general election. As a result, it is very difficult for a third-party candidate to win a general election.
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What will happen to the equilibrium price and equilibrium quantity of ice cream cones when consumers' incomes decrease?
A) If ice cream cones are a normal good, then the equilibrium price and quantity of ice cream cones will decrease. B) If ice cream cones are a normal good, then the equilibrium price and equilibrium quantity of ice cream cones will increase. C) If ice cream cones are an inferior good, then the equilibrium price for an ice cream cone will increase and the equilibrium quantity of ice cream cones will decrease. D) If ice cream cones are an inferior good, then the equilibrium price and quantity of ice cream cones will decrease.
Diseconomies of scale occur when: a. long-run average total cost decreases with an increase in output
b. long-run average total cost increases with an increase in output. c. long-run average total cost remains constant with an increase in output. d. long-run average variable cost decreases with an increase in output.
Consumer spending
A. Is affected by consumer confidence. B. Is the smallest spending component. C. Is the same as autonomous saving. D. Impacts the aggregate supply curve.
The price of cotton clothing falls. As a result,
A) the quantity demanded of cotton clothing increases. B) the demand for cotton clothing increases. C) the quantity demanded of cotton clothing decreases. D) the demand for cotton clothing decreases. E) both the demand for cotton clothing increases and the quantity demanded of cotton clothing increases.