MANKIW: PRINCIPLES OF MICROECONOMICS
8th Edition
ISBN: 9781337801775
Author: Mankiw
Publisher: CENGAGE L
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Chapter 22.2, Problem 2QQ
To determine
Applying median voter theorem.
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What is meant by limited and bundled choice when voting on a bill or candidate?
Economists James Buchanan and Gordon Tullock are well-known for developing
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the impossibility theorem.
the voting paradox.
the public choice model.
the concept of government failure.
Outline the median voter theorem and explain its importance to the successful application of a majority voting system.
Chapter 22 Solutions
MANKIW: PRINCIPLES OF MICROECONOMICS
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- Please no written by hand "No voting system is perfect." What does it mean by economist K. Arrow? Give a brief account on Condorcet Voting Paradox. A public school district is voting on the school budget and the resulting student-teacher ratio. A poll finds that 20 percent of the voters want a ratio of 9:1, 25 percent want a ratio of 10:1, 15 percent want a ratio of 11:1, and 40 percent want a ratio of 12:1. What outcome would you expect the district toarrow_forwardThe Principles of Taxation Taxation systems are centered around two basic ideas. One is that people that benefit from services provided by tax revenues should be the ones who pay for them. Secondly, taxes should be paid in proportion to the number of benefits or services that an individual receives. Three Types of Taxes Taxes can be proportional, progressive, or regressive in nature. A proportional tax is equal in that it sets the same percentage of income taxation on everyone regardless of income. So for individuals, as their income rises or falls, they pay the same percentage in tax. A progressive tax imposes a higher percentage rate of taxation as incomes go up. So as people make more money they pay a higher percentage of that income in tax, and the percentage goes down if their income goes down. Regressive taxes are the opposite of progressive. They impose a higher percentage of taxes on lower incomes than on higher incomes. Often these taxes are not income taxes, but other types…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_forward
- Outline the median voter theorem and explain its importance to the successfulapplication of a majority voting system.arrow_forwardWhy do legislators vote for spending projects in districts that are not their own?arrow_forward4.10. A social choice function satisfies the weak Pareto criterion if,whenever every voter places one candidate above another, say rankingcandidate A over candidate B, then candidate B cannot be the uniquewinner. (This differs from the Pareto property owing to the words “theunique”.)(a) Explain why any method that satisfies Pareto also satisfies weakPareto.(b) Explain why the antiplurality method satisfies weak Pareto.(c) Explain why the agenda method violates weak Pareto.arrow_forward
- Distinguish between a carbon-tax and a cap-andtrade strategy for reducing carbon dioxide and other so-called greenhouse gases (that are believed by many scientists to be causing global warming). Which of the two strategies do you think would have the most political support in an election in your home state? Explain your thinking.arrow_forwardBriefly explain why the principle that the majority of voters should decide an election outcome may not always make logical sense.arrow_forwardSuppose that friends Jennifer, Stephanie, and Megan cannot agree on how much to spend for a bouquet of flowers to send to a person who allowed them to use her beach house for the weekend. Jennifer wants to buy a moderately priced bouquet, Stephanie wants to buy an expensive bouquet, and Megan wants to buy a very expensive bouquet. Assuming no paradox of voting, majority voting will result in the decision to buy Multiple Choice an inexpensive bouquet. a very expensive bouquet. a moderately priced bouquet. an expensive bouquet. Barrow_forward
- Financial Aid is an example of allocation by majority rule personal characteristics forcearrow_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_forwardIf the marginal cost of gardener is $500 no matter how many are employed. The marginal benefits per gardener varies for five residents according to the following table: Marginal Benefit for EachGardener Voter 1 4 A 575 550 525 500 B 275 200 125 C 125 100 75 125 100 75 E 100 75 Result A) If each voter is assigned to pay the same tax share of $100 per gardener, what is the political equilibrium under majority rule? B) Show that the Lindahl equilibrium will differ from the political equilibrium under majority rule?arrow_forward
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