Bundle: Principles of Microeconomics, Loose-Leaf Version, 7th + Aplia, 1 term Printed Access Card
7th Edition
ISBN: 9781305135444
Author: N. Gregory Mankiw
Publisher: Cengage Learning
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Chapter 22, Problem 4CQQ
To determine
Condorcet paradox and Arrow's impossibility theorem.
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Explain why majority rule respects the preferencesof the median voter rather than those of the averagevoter.
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It explains why voters are swayed by single-issue voting.
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Chapter 22 Solutions
Bundle: Principles of Microeconomics, Loose-Leaf Version, 7th + Aplia, 1 term Printed Access Card
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- Rational choice theory is an economic principle that assumes individuals always make prudent and logical decisions to maximize net benefit. True or falsearrow_forwardExplain why according to the theory of rational ignorance, an individual will decide not to participate in the election process (vote).arrow_forwardRational behavior can be applied to a) individuals b) politicians c) government officals d) all of the abovearrow_forward
- "The President's wife should not run as a candidate to succeed her husband." This is an example of:Response option group a) Normative statement. b) Economic fact. c) Economic principle. d) Positive statement.arrow_forwardBN10.3 Case: Your non-profit has just been awarded a special government environmental clean- up grant of $90,000. You are given the choice to take the $90,000 now or wait until next year. With an election coming up, the amount of next year's grant will vary based on which party wins. Assuming that money tomorrow is worth the same as money today, the grant amounts are: Outcome Democrats control everything Republicans control everything Split government Assume: Grant Amount $160,000 $36,100 $90,000 Probability 0.25 0.25 0.50 Assume your Payoff in each case (based on your utility function) is sqrt (grant amount). Question: Do you accept the Money today or wait until next year? Include Calculations of the Expected Value and Expected Utility.arrow_forwardThe idea of having three branches of government that share power is most consistent with which sociological perspective? Shared Governance Theory Functionalism Conflict Symbolic Interactionism Rockefeller's Standard Oil Company was in a position to issue commands and dictate the price of oil to oil producers by virtue of its monopoly on oil refining. This serves as an example of domination by O power. O economic power. O authority. none of the above. How do contagion theory and emergent norm theory differ in their explanations of collective action? OIn contagion theory, people take their cues from those nearby. In emergent norm theory, everyone takes their cues from a few key individuals. In contagion theory, collective action is spontaneous, whereas in emergent norm theory, it is the product of deliberate planning. O Contagion theory is about the spread of antisocial behavior, while emergent norm theory is about the spread of prosocial behavior. Contagion theory is about unintentional…arrow_forward
- Define fairness and give examples of how it affects behavior in the economy and in the dictator and ultimatum games.arrow_forwardIn the binary voting model with two alternatives, dictatorship of voter 1 (D1) is a rule that makes the winner the first choice of voter 1, or that returns a tie when voter 1 is indifferent between x and y. D1 violates: O Unrestricted Domain Neutrality ● Anonymity O All four May's axiomsarrow_forwardadequately protected. Private property rights do not conflict with human rights. They are human rights. Private property rights are the rights of humans to use specified goods and to exchange them. Any restraint on private property rights shifts the balance of power from impersonal attributes toward personal attributes and toward behavior that political authorities approve. That is a fundamental reason for preference of a system of strong private property rights: private property rights protect individual liberty. Armen A. Alchian is an emeritus professor of economics at the University of California, Los Angeles. Most of his major scientific contributions are in the economics of property rights. Which of the following are a violation of a person's property rights: Government using eminent domain laws to force the sale of property Zoning laws which prevent commercial buildings to be built in residential neighborhoods Regulations which prevent loud exhausts on automobiles Affordable…arrow_forward
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