EBK PRINCIPLES OF MICROECONOMICS
7th Edition
ISBN: 9781305892811
Author: Mankiw
Publisher: CENGAGE LEARNING - CONSIGNMENT
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Question
Chapter 22, Problem 5QR
To determine
The preference forMedian voter theorem.
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Explain why majority rule respects the preferencesof the median voter rather than those of the averagevoter.
According to Kenneth Arrow, there are minimum conditions to which a social choice rule (constitution) needs to conform to in order to be ethically acceptable. Explain these conditions. Does majority decisions rule conform to Arrows conditions?
A situation in which society may not be able to rank its preferences consistently through paired-choice majority voting refers to
Multiple Choice:
A. the median-voter model.
B. logrolling.
C. the paradox of voting.
D. the special-interest effect.
Chapter 22 Solutions
EBK PRINCIPLES OF MICROECONOMICS
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Similar questions
- What is the significance of the concept of rational ignorance? Question options: It explains why voters are swayed by single-issue voting. It explains why the majority of voters feel that their vote is important in determining the outcome of an election. It explains how false or exaggerated political advertising influences voting behavior. It explains why many people do not vote.arrow_forwardhow does the election result change if a tax on non-voters doubles the number of voters while preserving the distribution of preferences?arrow_forwardExplain why according to the theory of rational ignorance, an individual will decide not to participate in the election process (vote).arrow_forward
- The above table shows the benefit to each voter if an issue passes. The cost per voter of the issue passing is $100. According to Majority Rules voting, will the issue pass? According to marginal analysis, should the issue pass?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_forwardConsider a society with three people (Atakan, Feyza and Nedim) who is trying to decide how much money to spend on schools. There are three options for spending on schools: H (High), M (Medium) or L (Low). These individuals rank the three options in the following way: Rank Atakan Feyza Nedim 1st Choice M L H 2nd Choice L H M 3rd Choice H M L Question -Would majority voting bring about a decision on how much to spend on schools? Explain why.arrow_forward
- Given that rational ignorance discourages some people from becoming informed about elections, is it necessarily a good idea to encourage greater voter turnout? Why or why not?arrow_forwardmodel suggests that candidates in a two person political race will move toward matching the preferences of the median voter.arrow_forwardWhich of the following is true? a. Arrow’s Impossibility Theorem states that There is no voting method that will satisfy a reasonable set of fairness criteria when there are three or candidates. b. Gibbard-Satterthwaite's theorem states that there is a voting method is completely resistant to strategic voting. c. None of the given choices d. May's Theorem states that the majority method will always have a winner.arrow_forward
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