The median voter theorem states that the outcome of a majority vote
A) tends to favor the preferences of high-income individuals and ignore the median voter.
B) is determined by the average consumer and producer in an economy.
C) is likely to represent the preferences of the voter who is in the political middle.
D) is likely to represent the preferences of society's middle-income voter.
C
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Signaling is
a. actions by the informed party to reveal her true risks b. actions by the informed party to conceal her true risks c. actions by the uninformed party to uncover the true risks d. actions by the uninformed party to conceal the true risks
The demand curve for a product slopes downward and to the right because:
a. total utility decreases as more of the product is consumed. b. total utility derived from both, the product and its substitutes is the same. c. marginal utility of the product diminishes as more of the product is consumed. d. there are no substitutes for the product. e. when the price falls, the income effect causes consumers to buy less of the product.
Although it may be difficult to draw causal relationships, still statistical evidence shows that, over time,
a. there is no relationship between levels of saving and economic growth b. there is an inverse relationship between levels of saving and economic growth c. higher levels of saving are associated with lower levels of economic growth d. lower levels of saving are associated with lower levels of economic growth e. lower levels of saving are associated with higher levels of economic growth
Investment in physical capital means
A. purchasing supplies. B. purchasing equipment and buildings. C. taking out loans. D. hiring more employees.